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By Rachel Fixsen2020-12-11T16:18:00+00:00
The Finnish financial supervisory authority has taken the unusual step of sending an agent in to physically monitor management of one of the country’s pension insurance companies, having alleged incompetence at the occupational pension provider.
In a statement today, the FSA said: “The Financial Supervisory Authority (FIN-FSA) has appointed an authorised representative to supervise the activities of Elo Mutual Pension Insurance Company as of 14 December 2020.
“The attorney appointed is Pekka Jaatinen, Attorney-at-Law,” it said.
The watchdog said that in accordance with section 29 of the Act on the Financial Supervisory Authority (878/2008), it could appoint an authorised representative to supervise the activities of an authorised supervised entity “for example if there is evidence of incompetence or carelessness in the management of its affairs”.