Financial Supervisory Authority

1.Institutional

The Financial Supervisory Authority (FIN-FSA) is the regulator of Finland's financial and insurance sectors.

2.Institutional history

FINA was formed on January 1, 2009 from the merger of the former FINA and FINA. Headquartered in Helsinki, FINA has about 200 employees.

3.Mission

Fin-FSA's activities are designed to ensure the financial stability and smooth operation of credit, insurance and pension institutions and other regulated entities.The other objective is to protect the interests of the insured and maintain confidence in the financial markets. It is also responsible for promoting good practice and public awareness in the financial markets.These objectives and tasks have been incorporated into the Financial Supervision Authority Act.

4.Scope of supervision

Banks, insurance companies, pension companies, investment companies, fund management companies, etc.

1.Regulatory Framework: Act on Investment Firms

2.Account opening for overseas customers: Receive

3.Quarantine of client funds: Yes

4.Reporting requirements: Yes

5.Leverage limits: refer to EU standards

6.Negative balance protection mechanism: Yes

Generally speaking, FIN-FSA-regulated broker profile will be found at the supervised-entities page on FIN-FSA website. Try to find it and check if it will match the info from the broker website.

The detailed steps are as below:

1. Enter the name into the search bar on https://www.finanssivalvonta.fi/en/registers/supervised-entities/ 

   
   

2. Click the company name to enter the company details page.

   
   

3. A company that can offer Foreign exchange services will need to give "Financial Contract for Differences" or "Foreign Exchange services related to investment services" under "Authorisations and other operation grounds".

   
   

   
   

Fin-FSA blacklisted companies announced:

https://www.finanssivalvonta.fi/en/registers/warning-lists/warnings-concerning-unauthorised-service-providers/

A list of blacklisted companies published by other regulators:

https://www.finanssivalvonta.fi/en/registers/warning-lists/warnings-from-foreign-supervisory-authorities/

When problems arise, it is recommended that you first consult with the service provider. If the desired outcome is not achieved and your situation involves banking, insurance and investment matters, you can turn to the Financial Complaints Authority (FINE), which will advise you and, if necessary, resolve disputes on behalf of the service provider.

Fine's complaint procedures are as follows:

1. Contact FINE at https://www.fine.fi/ 

The best way to contact Fine is by telephone.In the vast majority of cases, a phone call is enough.For more details and contact information of the service provider, the customer is required to provide and sign the written authorization.

2. Review cases or complaints and opinions of all parties.

Further elaboration requires Fine to study the case documents and, if necessary, negotiate with the service provider (insurance company/bank/other company) about possible solutions. In-depth questions, such as personal injury tests or property damage questions, can take months. In the case of medical issues related to personal accidents, travel, and general liability policies, a specialist physician appointed by FINE can also assist in case/complaint clarification.

3. Closure or refer the case to the FINE Complaints Committee.

Customers may refer questions/complaints to one of the FINE Complaints Boards (Insurance, Banking, or Investment Complaints Boards) if required. Finnish Financial Ombudsman Office as Secretary of the Board. The Board's recommendation is in writing and the customer does not have to pay any operating expenses.