Finanssivalvonta

Authorised representative’s supervision of Elo Mutual Pension Insurance Company to end

Share
In its decision of December 2020, the Financial Supervisory Authority (FIN-FSA) appointed an authorised representative to supervise Elo Mutual Pension Insurance Company until further notice. The FIN-FSA is now of the opinion that Elo has taken extensive and significant measures to develop its corporate governance, and the authorised representative’s supervision will be brought to an end on 30 June 2022.

On 31 May 2022, the FIN-FSA decided that the authorised representative’s supervision of Elo Mutual Pension Insurance Company will end on 30 June 2022. The supervision has been based on the FIN-FSA’s decision of 11 December 2020 to appoint an authorised representative. Under this decision, Pekka Jaatinen, Attorney-at-Law, was appointed to supervise the company’s activities from 14 December 2020 until further notice. In accordance with section 29 of the Act on the Financial Supervisory Authority (878/2008), the FIN-FSA may appoint an authorised representative to supervise the activities of an authorised supervised entity if, for example, there is evidence of incompetence or carelessness in the management of the entity’s affairs.

Elo Mutual Pension Insurance Company has taken extensive and significant measures to develop its corporate governance. The FIN-FSA considers that the management of the company’s affairs has now improved and that the authorised representative’s supervision can be brought to an end.

The decision is not legally binding, as the company has the right to appeal against it to the Administrative Court within 30 days of service of the decision.

Further information

Kaisa Forsström, Head of Department, Insurance Supervision. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030 (Mon–Fri 9:00–16:00).

See also

FIN-FSA decision of 31 May 2022 (pdf, in Finnish)

FIN-FSA press release of 11 December 2020: FIN-FSA appoints authorised representative to supervise the activities of Elo Mutual Pension Insurance Company

Keywords

Contacts

Media phone service numbercan be contacted on weekdays 9–16, except on Holy Thursday and New Year’s Eve on 9–13

Tel:+358 9 183 5030

About Finanssivalvonta

Finanssivalvonta
Finanssivalvonta
PL 103, Snellmaninkatu 6
00100 Helsinki

09 183 51https://www.finanssivalvonta.fi/

Finanssivalvonta, or the Financial Supervisory Authority (FIN-FSA), is the authority for supervision of Finland’s financial and insurance sectors. The entities supervised by the authority include banks, insurance and pension companies as well as other companies operating in the insurance sector, investment firms, fund management companies and the Helsinki Stock Exchange. We foster financial stability and confidence in the financial markets and enhance protection for customers, investors and the insured.

Subscribe to releases from Finanssivalvonta

Subscribe to all the latest releases from Finanssivalvonta by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Finanssivalvonta

Finansinspektionens tematiska bedömning: organisationer inom den finansiella sektorn använder artificiell intelligens i sina interna processer, användningen i kundgränssnittet ökar27.6.2025 11:00:00 EEST | Pressmeddelande

Största delen av företagen i den finansiella sektorn uppger att de antingen redan använder AI-lösningar eller att de planerar att införa dem. Största delen av AI-lösningarna används för närvarande i aktörernas interna processer, men tillämpningen i kundgränssnittet kommer att öka under de närmaste åren.

Den finansiella sektorn i Finland är fortsatt kapitalstark - osäkerheten kastar en skugga över de ekonomiska utsikterna11.6.2025 09:10:00 EEST | Pressmeddelande

Läget i den finansiella sektorn i Finland har varit fortsatt stabilt under början av året, fastän USA:s tullar, hotet om en avmattning i den ekonomiska tillväxten och andra geopolitiska spänningar har gått hårt åt finansmarknaden och det allmänna förtroendet. I fråga om cyberhoten har läget i Finland varit huvudsakligen lugnt, men bedrägerier och nätfiske av bankkoder har ökat, vilket framhäver behovet av vaksamhet hos både de finansiella aktörerna och kunderna. Det osäkra ekonomiska och geopolitiska läget påverkar omvärlden också framöver.

Suomen finanssisektorin vakavaraisuus säilynyt vahvana – epävarmuus varjostaa talousnäkymiä11.6.2025 09:10:00 EEST | Tiedote

Suomen finanssisektorin tilanne on pysynyt alkuvuonna vakaana, vaikka Yhdysvaltain asettamat tullit, talouskasvun hidastumisen uhka ja muut geopoliittiset jännitteet ovat riepotelleet rahoitusmarkkinoita ja yleistä luottamusta. Kyberuhkien osalta tilanne on säilynyt pääosin Suomessa rauhallisena, mutta huijaukset ja pankkitunnusten kalastelu ovat lisääntyneet, mikä korostaa tarvetta sekä finanssisektorin toimijoiden että asiakkaiden valppaudelle. Epävarma taloudellinen ja geopoliittinen tilanne vaikuttaa toimintaympäristöön myös jatkossa.

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye