Financial Supervisory Authority's supervision fees for 2023 and changes to supervision fees

2023-11-07 10:30:50 · FIN-FSA

On 23 October 2023, the Board of the Financial Supervisory Authority (FIN-FSA) decided on the supervision fees for 2023. The FIN-FSA sends payment decisions to fee-paying entities no later than 30 days before the due date. Supervision fees are determined pursuant to the Act on the Supervision Fees of the Financial Supervisory Authority (879/2008, hereinafter Supervision Fees Act). The Act is available in FINLEX (in Finnish), the online database of legislative and other judicial information. An unofficial English translation of the Act is available here.

As a new fee-paying entity, consumer credit providers, which came under the supervision of the FIN-FSA on 1 July 2023, are charged supervision fees. However, under the Supervision Fees Act, this year supervision fees will be collected from these entities only for the period 1 July–1 August 2023.

Government proposes amendments to the Supervision Fees Act

On 12 October 2023, the Government submitted a proposal to Parliament regarding amendments to the Supervision Fees Act. It is proposed that the maximum amount of supervision fees allowed under the Supervision Fees Act be increased from the current level of approximately EUR 44 million to EUR 49 million. The increase is intended to ensure the adequacy of the FIN-FSA’s funding in the medium term. The increase in the maximum amount will not, however, directly increase the supervision fees of all supervised entities; the actual supervision fees collected from supervised entities will be determined on the basis of the annual budget of the FIN-FSA.

The proposal also balances the relative fee contributions of the different groups of supervised entities. Branches of EEA insurance companies will be subject to a new three-level basic fee instead of the current one-level basic fee.

The Government proposes that all the legislative amendments will come into force at the beginning of next year.