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Explore capabilities →Belgium · EU member
Financial Services and Markets Authority
FSMA · Financial supervisory authorityMeasured
Employees
370
FY2024
Annual budget
€112.4m
FY2024
Supervised entities
100 institutions · 17,811 intermediaries
FY2024
Overview
Belgium splits supervision down the middle: the FSMA handles conduct, markets, and consumer protection, while prudential supervision — and the licensing of banks, payment firms, and CASPs — sits with the National Bank of Belgium. What the FSMA lacks in licensing volume it makes up in supervisory reach: 5,819 AML audits, 114 mystery-shopping visits, and a value-for-money programme that pulled 78 insurance products off the market. Everything below is the FSMA's own data, from its FY2024 annual report.
Related authority
National Bank of Belgium (NBB) →Prudential counterpart — licenses banks, payment firms and CASPs.
Regulated sectors
Leadership
- Jean-Paul ServaisChairman · since 2011
- Annemie RomboutsVice-Chair
Figures as published by Financial Services and Markets Authority for FY2024. Source: FSMA Annual Report 2024 (English) (Published October 2025). Data as of 31 December 2024. Supplementary: Comptes annuels de l'exercice 2024 (FR).
Organisation
Belgium's Twin Peaks split places prudential supervision with the NBB and conduct/markets supervision with the FSMA (in force since 2011). Both are AML supervisors for their respective supervised populations. FSMA is a standalone supervisory body with no monetary policy or currency functions.
| Item | Value |
|---|---|
| Headcount (annual report) | 370 Supervisory authority only — clean basis |
| Actual FTE at end-2024 | 339 Gap vs headcount reflects part-time working |
| Authorised FTE ceiling | 399 Excludes certain categories and has not been revised for competences added to the FSMA after 2014, including audit-firm supervision |
| Operating cost budget FY2024 | €112,373,000 |
| Building financing (separate) | €3,122,000 |
| Indexed ceiling for expenses and charges | €21,267,000 Base €11m, indexed for CPI and staff growth |
| Balance sheet total | €80,226,000 |
| Result | Surplus of €7,907,000 |
Supervised universe at 31 December 2024
Separately reported: 148 IORPs governed by Belgian law at end-2024 (150 in 2023), balance sheet total €48.9bn, 2.66 million members.
| Item | Value |
|---|---|
| Credit institutions, insurers and stockbroking firms under Belgian law | 100 |
| Listed companies | 160 |
| Belgian pension funds (IORPs) | 138 |
| Registered intermediaries | 17,811 |
| People with a Belgian pension plan | 4.47 million |
Supervisory activity 2024
| Item | Value |
|---|---|
| Entities audited for AML/CFT compliance | 5,819 |
| Advertisements reviewed | 2,654 (994 files; 1,746 comment emails sent) |
| Intermediary files checked for registration compliance | 6,435 |
| Intermediaries struck off the register | 317 |
| Warnings published | 297, covering 396 fraudulent websites |
| Foreign warnings republished (via ESMA) | 847 |
| Agreed settlements approved | 22, totalling €1,906,195 |
| New cases opened that could lead to administrative fines | 38 |
| Market abuse analyses launched | 52; trading suspended 24 times |
| Whistleblower reports received | 274 |
| Consumer messages received | 4,128 (2,853 fraud-related) |
| Consumer fraud reports in scope | 2,621 +20% on 2023, a record |
| Managers' transaction notifications | 1,236 |
| Mystery shopping visits | 114 |
| Currency exchange office inspections | 8, yielding 52 orders and 7 recommendations |
| Fraudulent websites blocked via public prosecutor | 363 |
| Bankers who swore the oath at the FSMA | ~500 |
Market context 2024
| Item | Value |
|---|---|
| Household holdings in funds vs regulated savings accounts | €303bn (funds) vs €274bn (regulated savings) — funds exceeded regulated savings for the first time |
| Term account holdings | €63bn (2024), up from under €5bn in 2021 |
| Belgian public open-ended UCI net assets | €232bn, a record, +14% YoY |
| Belgian public UCIs and sub-funds | 98 UCIs; 5,316 sub-funds registered |
| SFDR classification (by fund net assets) | 74% Article 8; ~1% Article 9 |
| Investment fraud losses reported | €16,821,894 in 2024, averaging €29,743 per victim Cumulative reported losses since May 2019: approximately €100m |
Value-for-money supervision
234 insurance products examined across 2023–2024 — distinctive to FSMA.
| Item | Value |
|---|---|
| Withdrawn from market | 78 |
| Fees reduced | 141 |
| Coverage extended | 1 |
| Found compliant | 10 |
| Governed by another Member State | 4 |
Key legislation
Act of 2 August 2002
Foundational Act on financial supervision
Act of 2 May 2007
Disclosure of major holdings in listed companies
Twin Peaks Act of 2 July 2010
Split of prudential (NBB) vs conduct (FSMA) supervision
Law of 25 October 2016
AML supervision of FSMA-regulated intermediaries
Public registers
Application portals
Recent publications
- FSMA Annual Report 2024
2025-05-15