The year 2022 is a very special one for Finantsinspektsioon, as it marks 20 years of operation supervising the stability and overall trustworthiness of the Estonian financial sector.
The financial sector is constantly developing and changing, and so is Finantsinspektsioon. Finantsinspektsioon started work on 1 January 2002 after the merger of the former Pangainspektsioon banking inspectors from Eesti Pank and the Kindlustusinspektsioon and Väärtpaberiinspektsioon insurance and securities supervisors of the Ministry of Finance. Supervision was at first carried out over banks, insurers, insurance intermediaries, fund managers, investment and pension funds, investment firms, and the securities market. By now, payment institutions, e-money institutions, creditors and credit intermediaries, and crowdfunding companies have also been brought under the supervision of Finantsinspektsioon. Finantsinspektsioon currently monitors some 200 companies operating in the financial market, and the application of 600 legal acts. As new areas of operation are brought under the supervision of Finantsinspektsioon, those numbers increase.
Finantsinspektsioon is a financial supervision and crisis resolution authority with autonomous responsibilities and budget that works on behalf of the state of Estonia and is independent in its decision-making. Finantsinspektsioon operates under the law and its agreed strategy. The new strategy for 2022-2025 focuses on maintaining trust and stability in the financial sector, and also on innovation and on protecting the interests of clients and investors. One strategic goal is to set up an ombudsman’s office at Finantsinspektsioon, assuming that such an institution is created in law. The financial ombudsman would resolve disputes between clients, investors and companies in the financial sector.