Fjármálaeftirlitsins

Fjármálaeftirlitsins, also known as the Financial Supervisory Authority of Iceland, is the primary regulatory body responsible for overseeing the financial sector in Iceland. Established in 2008, it was created to ensure the stability and integrity of the financial system, following the global financial crisis. The authority's primary functions include supervising banks, insurance companies, and other financial institutions to prevent risks and ensure compliance with regulatory standards.

Fjármálaeftirlitsins is tasked with maintaining the stability of the financial system by monitoring and evaluating the financial health of institutions. It conducts regular inspections and audits to assess the risk management practices and financial soundness of supervised entities. The authority also plays a crucial role in crisis management, providing support and guidance during financial distress.

In addition to supervision, Fjármálaeftirlitsins is responsible for setting regulatory standards and policies. It collaborates with international organizations and other regulatory bodies to align Icelandic financial regulations with global best practices. The authority also engages in public consultations and stakeholder dialogues to gather input and ensure that its regulations are effective and relevant.

Fjármálaeftirlitsins operates independently to ensure impartiality and transparency in its decision-making processes. It is accountable to the Icelandic Parliament and the public, and its actions are subject to oversight and scrutiny. The authority's work is essential for maintaining the trust and confidence of the public in the financial system, and for supporting the economic stability and growth of Iceland.