News

1504.21

The Supervisory Board approved the annual report of Finantsinspektsioon

The Supervisory Board of Finantsinspektsioon approved the annual report of the financial supervisor for 2020 at its regular meeting on 26 March, and approved the proposal for use of the budget surplus.

1504.21

Finantsinspektsioon is monitoring exits from the second pension pillar

There had been 170,155 applications to leave the second pension pillar submitted by the end of March, meaning that 1.3 billion euros of pension savings as at 31.03.2021 will be withdrawn from pension funds in September. The applications were received and the data were processed on time and without any major interruptions.

1304.21

Pension contracts will be cancelled by 37% of those who have signed them

In total 3033 people submitted applications to insurers to terminate their pension contracts. The three insurers that have signed pension contracts in Estonia must decide by the end of May whether they want to continue to operate in the market or pass their portfolio of pension contracts over to the state.

1503.21

The Estonian financial sector needs higher fines and faster legal proceedings

Being able to impose administrative fines in the financial sector would make it possible to react faster and more appropriately to rule violations in the sector said Siim Tammer, Member of the Finantsinspektsioon Management Board at a seminar of the Chamber of Bailiffs and Trustees in Bankruptcy.

1203.21

Finantsinspektsioon is inviting financial institutions to discuss financial innovation

Finantsinspektsioon wants to hear the opinions of financial institutions on its new guidelines, which explain Finantsinspektsioon’s attitude to supervisory policy for innovation to support the financial sector.

0903.21

Finantsinspektsioon instructed LHV Pank to improve its anti-money laundering controls

On 8 March, following a planned risk-based supervisory procedure, Finantsinspektsioon required AS LHV Pank to review its procedures for submitting information to the Financial Intelligence Unit and to involve the management of the bank more in making decisions on risk management measures.