Fjármálaeftirlitis

Fjármálaeftirlits refers to the financial supervisory authority in Iceland. Its primary role is to promote the stability and efficiency of the financial markets and to protect consumers and investors. The institution is responsible for the supervision of banks, credit institutions, investment firms, insurance companies, pension funds, and other financial entities operating within Iceland.

The mandate of Fjármálaeftirlits encompasses a wide range of activities, including licensing financial institutions, setting and enforcing regulations, conducting on-site inspections and off-site analysis, and monitoring compliance with relevant laws and directives. It also plays a crucial role in risk assessment within the financial sector and works to prevent financial crime and money laundering. In cases of non-compliance or financial distress, Fjármálaeftirlits has the authority to take corrective actions, impose sanctions, or, in extreme circumstances, revoke licenses.

Fjármálaeftirlits operates independently and is accountable to the Ministry of Finance and Economic Affairs. Its work is essential for maintaining confidence in the Icelandic financial system and ensuring its sound functioning. The authority collaborates with international counterparts and adheres to international standards and best practices in financial supervision. Its objective is to foster a secure and trustworthy financial environment for all stakeholders.