Finanstilsynet’s communication strategy
Published: 5 May 2023
Finanstilsynet’s main goal is to promote financial stability and well-functioning markets. In Finanstilsynet’s strategy 2019–2022, six operational goals have been derived from the main goal: financially sound and well-capitalised financial institutions, robust infrastructure, investor protection, consumer protection, effective crisis management and fight against crime. The communication strategy shall support the goals in Finanstilsynet’s overarching strategy.
Good communication is both an obligation and a means for Finanstilsynet.
Finanstilsynet exercises authority of significant importance to society. The measures taken may have a profound impact on affected institutions and individuals. Society at large must therefore feel confident that this authority is exercised in a prudent and consistent manner. This requires openness about Finanstilsynet’s activities. Finanstilsynet must explain matters in a good way and be able to capture the views of others on how it exercises its authority. Finanstilsynet’s social obligation goes further than its formal duty to provide guidance in its capacity as an administrative body.
Communication is in itself an important tool in supervisory activity. Finanstilsynet’s work on individual cases becomes easier and more efficient when the target groups possess knowledge of regulatory requirements and supervisory and administrative procedures. Good communication helps ensure that Finanstilsynet receives the necessary information from institutions and markets under supervision to enable it to assess developments, risks and the need for regulatory changes. In addition to exercising the authority vested in Finanstilsynet, it gives advice on legislation and measures to the political authorities and other government bodies. Good advice requires good communication.
Good external communication makes Finanstilsynet’s social mission and activities known in the labour market, thus providing a sound basis for the recruitment of competent staff with relevant expertise and experience.
Supervised institutions constitute the main target group for Finanstilsynet’s communication, but the business community, consumers and professional players in the financial markets are also important target groups as users of financial services. In addition, Finanstilsynet engages in extensive communication with other authorities, both in the EEA and in Norway.
The media are important communicators of Finanstilsynet’s role, assessments and decisions. In order to reach the target groups, Finanstilsynet must take account of and have insight into the media's ways of working and communicating.
Finanstilsynet also uses other channels and arenas to reach different target groups, including lectures and seminars. The authority does not provide financial or legal advice to individuals, groups or the general public.
Good digital solutions are essential to ensure targeted communication, and Finanstilsynet is constantly developing new digital solutions to meet both its own and users' needs in a good way. The communication strategy must therefore be seen in the context of Finanstilsynet's digitalisation strategy.
Supervised institutions, media and other stakeholders have, with good reason, great expectations to the information and guidance provided by Finanstilsynet. On account of scarce resources, however, it is not realistic to fully meet all expectations. Finanstilsynet must use its resources and prioritise its tasks in a way that ensures optimal overall goal achievement.
2. Requirements for Finanstilsynet’s communication
Finanstilsynet shall be open about its assessments, supervisory practices, data and decisions
Finanstilsynet shall disclose information about legislation, supervisory activities and decisions made. This will help financial market participants gain knowledge about the rights, obligations and expectations arising from legislation and supervisory practices.
Finanstilsynet shall provide insight into developments and risks in institutions, industries and the financial system by sharing and developing data and analyses. This will make financial market participants better prepared to manage relevant risks. It may also contribute to a professional debate on financial market policy.
Finanstilsynet's communication shall be adapted to the various target groups' prerequisites and needs
Finanstilsynet’s target groups have varying needs and prerequisites for understanding the information provided. The cases that are handled also differ widely. Many cases concern complicated legal and financial issues where the recipients or target group are well acquainted with the underlying circumstances. Such cases often require a level of precision and a use of specialist terms that are not always easily comprehensible to broad groups. When consumers or the general public represent the target group, it is important that cases and assessments are communicated in a form and a language that reflect that the recipients are not experts.
The target groups acquire information through different channels, and the forms of communication are changing. Finanstilsynet shall use different communication channels to ensure that it reaches its target groups in the most effective manner.
Not everyone within Finanstilsynet’s target groups understands Norwegian. Case documents and publications shall be available in English translations wherever necessary to impart important information to non-Norwegian speaking people.
Finanstilsynet’s communication shall be consistent and reliable
Finanstilsynet manages a comprehensive and complex regulatory framework. Decisions could have major implications for institutions and individuals, and assessments should be based on professional knowledge.
Finanstilsynet shall communicate its assessments and decisions in a consistent, transparent and timely manner. This applies to both written and oral communication and irrespective of who is the recipient and which communication channel is used.
Finanstilsynet shall help ensure that cases are presented correctly in the media. In editorial media, Finanstilsynet shall take part in the public debate where appropriate. Social media are used to communicate information published on finanstilsynet.no.
Finanstilsynet's website shall be adapted to the needs of its users
Finanstilsynet.no is the main channel for sharing and communicating information. The website shall give users access to all key information published by Finanstilsynet. The information should be up-to-date, relevant and readily available. The website should be developed to reflect the needs of its users.
Finanstilsynet shall have good internal communication
Good internal communication is a prerequisite for good external communication. The decisions made by Finanstilsynet shall be based on strong professional expertise. Complex cases require good communication and coordination within the organisation to ensure effective, high-quality solutions. This also helps promote employees’ professional skills, a good understanding of roles and a sound working environment.
3. Prioritised development tasks
Within the framework of available resources, Finanstilsynet must identify and follow up opportunities for improvement and needs for change. Priority will be given to the following development tasks:
Finanstilsynet.no shall be further developed to make it more user-friendly for the various target groups, and the contents shall be relevant and up-to-date at all times. The development process will include the website's structure, interface and functionality.
Consumer protection is an important objective for Finanstilsynet, and most of its activities are directly or indirectly aimed at protecting consumers. Finanstilsynet’s activities to safeguard consumer interests must be communicated in a form adapted to their needs.
Finanstilsynet shall take further initiatives to ensure that consumers receive relevant information about their rights and about service providers’ obligations as laid down in financial market legislation. More information shall also be provided on Finanstilsynet’s work on consumer protection matters. This work will include the development of webpages specifically aimed at consumers and special publications on Finanstilsynet's work on consumer protection.
4. Follow-up and evaluation
Finanstilsynet will follow up its communication strategy through special measures outlined in annual activity plans. The strategy will be evaluated and revised as needed in light of new information, new needs and Finanstilsynet’s financial framework. Regular user surveys will be an important basis for evaluation.
Framework for Finanstilsynet’s communication activities
- Financial Supervision Act
- Special legislation in the field of finance
- Public Administration Act
- Freedom of Information Act
- Language Act
Other public frameworks
- Central government communication policy
- Digitalisation circular
- Ministry of Finance’s main instructions for Finanstilsynet
- Annual letters of allocation
- Finanstilsynet's strategy 2023–2026
- Finanstilsynet's digitalisation strategy 2023–2026