Financial Supervision in the Faroe Islands: Regulatory Bodies Take Center Stage

The Faroe Islands, a remote archipelago located halfway between Iceland and Norway, relies on a pair of regulatory bodies to oversee its financial services sector. In this article, we’ll delve into the roles of these two organizations and explore how they work together to ensure the stability and integrity of the country’s financial landscape.

The Insurance Authority: Leading the Charge

At the forefront of financial supervision in the Faroe Islands is the Insurance Authority. This authority has jurisdiction over:

• Insurance companies
• Pension funds
• One mortgage credit institution

The Insurance Authority receives support from its counterpart in Denmark, the Financial Supervisory Authority of Denmark, which regulates remaining sectors.

Organization Structure

The Insurance Authority operates under the guidance of a Council/Board and a Secretariat. The Board Members of the Insurance Authority are:

• Thomas Magnussen, M.A. Law
• Elsebeth Ølgaard, M.Sc. Act
• Vagn Roslev Østergaard, M.Sc. Economics

Together, these three prominent figures form the backbone of the authority’s decision-making process, ensuring that the Faroe Islands’ financial services sector operates with:

• Transparency
• Stability
• Integrity

These regulatory bodies play a crucial role in maintaining the stability and integrity of the Faroe Islands’ financial landscape. By working together to oversee the country’s financial services sector, they help to ensure that the archipelago remains a trustworthy and attractive destination for investors and businesses alike.