Finanstilsynet’s strategy for the period 2019-2022
Press release
Published: 27 February 2019
Last updated: 11 February 2020
Document number: 1/2019
Finanstilsynet has adopted a strategy for the period 2019-2022. The strategy formulates goals for the authority’s operations and provides direction during the strategy period, and is therefore an important basis for ongoing prioritisation and management of the authority’s activities.
Strategy
Finanstilsynet has the following main goal for its activities:
Finanstilsynet will promote financial stability and well-functioning markets
Based on the main goal, Finanstilsynet has formulated six operational goals:
- Financially sound and well-capitalised financial institutions
- Robust infrastructure
- Investor protection
- Consumer protection
- Effective crisis management
- Fight against crime
Targeted prioritising and effective use of available resources are important in enabling Finanstilsynet to meet the goals for its operations. However, goal attainment depends on several factors other than financial supervision. These include both the exercise of authority in other policy areas and other factors of significance to the Norwegian economy.
Both the Norwegian banking crisis and the global financial crisis demonstrated that prevention of financial crises cannot be limited to the supervision of individual institutions. Sound supervision must take into account the reciprocal influence between the macroeconomy and the financial markets.
An important consideration for Finanstilsynet over the coming years is to ensure adequate resources for its core activity, which is to supervise licensable activities.
Finanstilsynet will seek to maintain an acceptable level of activity in all supervisory areas. In order to ensure the highest possible overall goal achievement, special priority is given to specific supervisory areas:
- macroprudential supervision
- prudential supervision of financial institutions
- supervision of the distribution of loans, pension and mutual fund products and other financial instruments
- supervision of actors in the payment, trading and settlement systems and other financial infrastructure
- supervision of compliance with anti-money laundering legislation
The financial markets may change significantly during the strategy period, which may necessitate changes to the priorities.
The strategy document reviews main trends and challenges for Finanstilsynet. The subjects covered include economic and market developments, digitalisation, money laundering, climate risk and illegal activity.