The Financial Supervisory Authority of the Central Bank of Iceland (FSA) is an integraded supervisor with both a prudential and a regulatory role. The FSA has the task of promoting sound and secure financial activities that are consistent with good and sound business practices. The FSA ensures that the activities of supervised entities are in compliance with the laws, regulations, rules, or company statutes governing such activities.
For further information, see the FSA website.
The main statutory provisions concerning supervision by the FSA are laid down in Chapter III of the Act on Official Supervision of Financial Activities, no. 87/1998. In addition, there are provisions on the supervisory powers of the FSA in various legislation, rules and guidelines on financial activities and a list of supervised entities.
FSA oversees business practices vis-à-vis consumers and other recipients of financial services and provides information services and guidelines in this regard. The Insurance Complaints Committee and the Complaints Committee on Transactions with Financial Firms are hosted by the FSA.More