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Estonian Financial Supervision Authority
Finantsinspektsioon · Financial supervisory authorityActive
Employees
146
· staff (headcount, 31 Dec 2025)FY2025
Annual budget
€14.7m
· operating expenditureFY2025
Supervised entities
222
· entities licensed under covered frameworks (derived)FY2025
Overview
Finantsinspektsioon is Estonia's financial supervision and resolution authority, an autonomous body with its own budget that supervises banks, insurers and insurance intermediaries, investment firms, fund managers, investment and pension funds, payment institutions, electronic money institutions, creditors and credit intermediaries, crowdfunding providers, crypto-asset service providers and credit servicers, and acts as the national resolution authority. It is funded by supervision and procedure fees paid by the entities it supervises, not from the state budget. At the end of 2025 it supervised 222 entities under covered frameworks — 146 licensed entities, 24 branches of foreign institutions and 52 public funds including pension funds. Its 146 licensed entities exactly matched its 146 staff, a coincidence its own annual report draws out: essentially one supervised market participant per employee. Everything below is Finantsinspektsioon's own data, from its Annual Report and Yearbook 2025.
Regulated sectors
Leadership
- Kerstin PiltChair of the Management Board · since 2026
- Andre NõmmMember of the Management Board · since 2014
- Andres KurgpõldMember of the Management Board · since 2002
- Gerd LaubMember of the Management Board · since 2026
Figures as published by Estonian Financial Supervision Authority for FY2025. Source: Finantsinspektsiooni aastaaruanne 2025 (Estonian) (Approved 23 March 2026). Data as of 31 December 2025. Supplementary: Yearbook 2025 (English).
Organisation (FY2025)
| Item | Value |
|---|---|
| Staff | 146 Headcount at 31 December 2025, up from 137 at end-2024. Whole-authority basis; Finantsinspektsioon notes that in a small state many staff carry several roles. Average age 40.5, average tenure 8.6 years. 16 joined, 7 left. 49 men, 97 women. Three interns |
| Staff — FTE basis | 135 Average employees converted to full-time equivalent, including management board members (130 in 2024) |
| Operating expenditure | €14.7m Total operating costs (€14,668k) from the audited income and expenditure statement — not budget and not fee revenue. €13,124k in 2024 |
| Operating income | €14.6m Supervision fees €14,348k + other income €285k. Interest income of €326k brought the result for the year to €291k |
| Approved budget 2026 | €16,667,000 Forward figure, approved by the Supervisory Board |
Supervised entities (end-2025)
| Item | Value |
|---|---|
| Entities licensed under covered frameworks | 222 Derived: 146 licensed entities + 24 foreign-institution branches + 52 public funds (incl. pension funds) |
| — of which licensed entities | 146 8 banks · 41 creditors · 7 credit intermediaries · 8 non-life + 2 life insurers · 38 insurance brokers · 3 EMIs · 12 PIs · 7 investment firms · 12 fund managers · 1 regulated market operator · 1 securities settlement system operator · 2 crowdfunding providers · 4 credit servicers (156 at end-2024) |
| — of which foreign-institution branches | 24 23 in 2024. 6 bank · 7 non-life insurer · 3 life insurer · 5 insurance broker · 2 payment institution · 1 investment firm branch |
| — of which public funds | 52 Public funds including pension funds, of 73 funds under supervision. Second and third pillar pension assets: €6.8bn and €1.1bn at year-end |
| Held out — non-public funds | 21 Balance of the 73. Not public, so out of scope under the consumer-facing test |
| Held out — listed issuers | 54 Supervised for disclosure only |
| Other supervised populations | 73 funds · 54 listed issuers · 109 entities under AML supervision Reported separately from the licence count; overlaps the categories above rather than adding to them |
Licensing 2025
| Item | Value |
|---|---|
| Activity licences granted | 6 Two to credit servicers, two to fund managers, one to a creditor, one to a credit intermediary. Eight in 2024 |
| Licence applications filed | 13 Five for CASP licences · two each from credit intermediaries, credit institutions and fund managers · one each from a credit servicer and an e-money institution |
| Applications not reviewed | 4 Left unreviewed principally because of material deficiencies in the documents submitted. Remaining proceedings continue into 2026 |
| Licences withdrawn | 9 Six in 2024 |
| Fit-and-proper assessments | 279 people assessed 202 positive assessments; in 77 cases the process ended without a final assessment because the candidacy was dropped, the person stepped down or the application was withdrawn. 447 assessed in 2024 |
Enforcement 2025
| Item | Value |
|---|---|
| Fines imposed | €416,800 Calendar year 2025, imposed by the management board. €138,800 in 2024. Four misdemeanour proceedings ended in a fine, five were discontinued on expediency grounds |
| Precepts | 4 15 in 2024 |
| Criminal complaints filed | 4 Three in 2024 |
Supervisory activity 2025
| Item | Value |
|---|---|
| Management board activity | 52 meetings · 212 management decisions · 179 administrative decisions 21 advisory guidelines issued |
| Consumer complaints | 507 Up >35% on 2024 (374), driven by a wave of fraud. >70% concerned payment and credit services; 61 reports concerned suspected fraud, up ~75% |
| Public warnings issued | 844 863 in 2024. Eleven were issued on Finantsinspektsioon's own initiative |
Crypto / MiCA
| Item | Value |
|---|---|
| CASP supervisor | Transferred from the Financial Intelligence Unit FIU previously licensed virtual asset service providers under the money laundering prevention regime. MiCA expands the licensable services from four under Estonian AML law to ten |
| 2025 activity | 10 crypto-asset white papers notified · 3 met requirements · 5 CASP licence applications filed |
| Supervision fee — crypto | 0.005% Volume component of the 2026 supervision fee for CASPs and ART issuers, set by regulation in December 2025 |
Notable 2025
| Item | Value |
|---|---|
| One-to-one ratio | Finantsinspektsioon employed 146 people and licensed 146 entities at the end of 2025 — the authority itself draws the comparison: essentially one supervised market participant per employee. |
| Governance | Run by a four-member management board that decides collectively by majority vote, while a six-member supervisory board plans and monitors its work — chaired ex officio by the Minister of Finance, with the Governor of Eesti Pank a member ex officio. |
| Crypto handover — substantive | Took over crypto-asset licensing from Estonia's Financial Intelligence Unit — a substantive change of regime, not just of address, since MiCA regulates ten crypto-asset services against four under the previous Estonian AML framework. |
| Applications failing before assessment | Four licence applications were left unreviewed in 2025, principally because of material deficiencies in the documents filed — the authority's own explanation of why applications fail before assessment begins. |
| Fines tripled | From €138,800 to €416,800 year on year, while the number of precepts fell from 15 to four. |
| Workforce composition | 97 of its 146 staff are women. |
Key legislation
Financial Supervision Authority Act (Finantsinspektsiooni seadus)
Founding statute
Credit Institutions Act (Krediidiasutuste seadus)
Banking (CRD/CRR)
Payment Institutions and E-money Institutions Act
PSD2 / EMD transposition
Estonian MiCA implementation
CASP authorisation transferred from the FIU; MiCA expands licensable services from four to ten
Public registers
Application portals
Recent publications
- Finantsinspektsiooni aastaaruanne 2025
2026-03-23
- Finantsinspektsioon Yearbook 2025
2026-04-01