One of the functions of the Central Bank of Iceland is to promote sound and secure financial activities and to monitor that the activities of supervised entities comply with laws and regulatory acts and are otherwise in accordance with sound and normal business practices.
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