Regulators

Icelandic Financial Supervisory Authority (FME)

The Icelandic Financial Supervisory Authority (FME) is responsible for the supervision of Icelandic financial enterprises. The authority currently has 155 employees.

Organization Profile

Type of organization: government agency
Institution introduction: The Icelandic Financial Supervisory Authority (FME) is responsible for the supervision of Icelandic financial enterprises. The authority currently has 115 employees, many of whom have experience in economics, law, engineering and business management education.
The executive body of the financial regulator is headed by a three-member board of directors. The role of the Board of Directors is to determine the priorities in the work of the Financial Supervisory Authority and to oversee its activities and operations. Major decisions must be submitted to the board for approval. The Board of Directors is appointed by the Minister of Finance and Economic Affairs for a four-year term. The Board of Directors appoints a Director General who is responsible for the day-to-day management of the Authority. The tasks of the FME supervision department are: on-site inspection, off-site supervision and supervision. Regulated institutions include commercial banks, savings banks, credit institutions, securities companies, insurance companies, pension funds, UCITS and UCITS management companies.
Contact
Online consultation: http://en.fme.is/contact-us
Tel: 354 520 3700 (9:00-16:00 on weekdays)
Fax: 354 520 3727
Email: [email protected]
Address: Katrinartuni2, 105 Reykjavik

Regulatory Inquiries

The first step: log on to the official website of the Icelandic Financial Supervisory Authority: http://en.fme.is/.

Step 2: Click "Supervision", then enter the above interface, click "Supervised entities" on the left, and then use Ctrl F to search for the target company in the interface. In this interface, only Kauphöll Íslands hf. – Nasdaq Iceland hf. (stock exchange) is officially certified for over-the-counter (OTC) transactions. The list is also listed above, and users can check by themselves.
Step 3: If you need to inquire about overseas insurance companies, please click "Foreign insurance companies", and then download the PDF file to watch. Note that these agencies do not have an entity or branch in Iceland.

Regulatory complaints

1. Complaint process
FME provides consumers with information and committee services to protect their rights, but it does not coordinate individual disputes. FME does not have the power to arbitrate in individual dispute complaints and has no power to adjudicate the rights and obligations of the parties in this regard.
Typically, however, FME takes investigative action on consumer complaints to ensure that the activities of the relevant financial institution comply with laws and regulations and business regulations. In addition, individuals may submit grievances directly to the Insurance Complaints Commission and the Transactions with Financial Companies Complaints Commission.
2. Dispute Resolution
1. Insurance Complaints Commission
(1) Introduction
Responsible for handling disputes over liability between customers and consumers and insurance companies. FME receives grievances from clients and provides meeting facilities and clerical assistance to the committee.
(2) Contact information
Tel: 354 3700 520
Fax: 354 520 3727
Email: [email protected]
(3) Precautions
Consumers can appeal to the Commission. A consumer is any person who is insured and who believes he is entitled to insurance indemnity, as defined in the Commission's charter. It is the insurer's responsibility to fully inform their customers of the option of appealing to the Commission. But a claim must first be lodged with the insurance company before appealing to the Commission.
Complaint letters in English must contain the following:
Name, address, information about the insurance company and the type of insurance involved in the complaint, brief content of the complaint, reasons for the complaint, relevant documents required for the complaint, date, signature, with proof of payment (payment fee: ISK 9.200)
2. Financial Firms Trading Complaints Commission
(1) Introduction
The Commission handles disputes between consumers and credit institutions, securities companies or subsidiaries of these financial companies. FME receives grievances submitted by clients and provides meeting facilities and clerical assistance to the committee.
(2) Contact information
Tel: 354 520 3700
Email: [email protected]
Please attach a signed PDF document and payment voucher to the complaint email (9:00-16:00 on working days).
(3) Precautions
Download PDF Complaint Form: http://en.fme.is/media/urskurdanefndir/fjarmalafyrirtaeki/The-Complaints-Committee-on-Transactions-with-Financial-Firms.pdf
Fees: ISK 5,000 for individual complaints about 300 RMB, which can be refunded if the client's claim is accepted in whole or in part, or the case is dismissed after the client has reached an agreement with the relevant financial enterprise. The agency complaint fee is about 900 RMB. The complaint form contains the receiving account information.

Three, contact information
Tuesday 10:00 am-12:00 am; Thursday 13:00 am-15:00 am
Tel: 520 3700
Email: [email protected]

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