Our Blog

Always Work With, Not Against, Finland’s Strong Privacy Laws

The Republic of Finland has strong rules on both personal and business context voice recording—rules that in many ways go beyond what is already in MiFID II – key article of legislation that governs practices in the financial services industry in the EU region.

Finland, of course, is very much in the vanguard of a Digital Economy and advanced use of E-government, but is also historically very conscious of the rights of the individual, especially around privacy. So, adherence to regulations is essential and businesses in Finland need to know that they can comply with the rules that apply to call recording – for both compliance and quality assurance purposes. Find out how Touch can help.

Capitalising on EU membership

Finland is a truly innovative and digitally-based 21st century economy. With services far and away its biggest individual sector (73%), its export-led economy, centred on manufacturing in the wood, metals, telecommunications, and electronics industries, has enjoyed steady growth. Of a total population of 5.5m, over 1.4m live in the Greater Helsinki area, which is also the most economically productive area of the country.

Key to Finland’s digital ascendancy has been leveraging its membership of the European Union. The Republic has been a member of the EU since 1995 and was in the first wave of Euro adoption in 1999, and adoption into national law of EU strictures like MiFiD II (and indeed, GDPR) is a very-well accepted societal process here.

Making sure of that is the country’s local regulator, with compliance with Finnish fiscal laws and regulations overseen by the country’s Finanssivalvonta (Financial Supervisory Authority), which also works to ensure participants in the banking sector maintain a healthy ratio of capital adequacy. (Note that due to the special linguistic status of Swedish in the country, this may also be seen as ‘Finansinspektionen’ in that language, and is sometimes styled in English as the ‘FIN-FSA’.)

Established on 1 January 2009, following a merger of the former Financial Supervision Authority and the Insurance Supervisory Authority, the Finanssivalvonta acts in close partnership with the country’s National Bank. Areas it has jurisdiction over include banking, insurance and capital markets, alongside consumer protection and the overall stability of the Republic’s financial system.

Customers must always be informed of the collection of personal data

Finanssivalvonta offers an online set of regulations and guidelines that include both legally binding regulations and recommendatory guidelines issued by the Authority. Another important player in Finnish finance after the Authority is Finance Finland (FFI), a group which claims to represent banks, insurers, finance houses, securities dealers, fund managers and financial employers.

In July this year, for example, FFI re-iterated its members’ support for greater digitisation of financial service provision across the entire EU, arguing that, “The Finnish financial sector views EU-level rules as a very welcome addition, emphasising that the new rules should be equal and long-lasting”.

Of course, the Finanssivalvonta will never take any breach of either MiFID II or national implementation of GDPR lightly, so we recommend you always work with a partner fully-conversant with all Finanssivalvonta guidance to ensure full adherence to its requirements. At Touch, we’re a trusted provider of services for recording, storing and accessing fixed and mobile voice calls and digital communications, in order to unlock the value in your communications data.

And, for even more reassurance, Touch Call Recording Service also supports the Dodd-Frank Act and its recording requirements (The Dodd–Frank Wall Street Reform and Consumer Protection Act is a United States federal law), for financial companies dealing with US customers.

Our services are delivered to companies, organisations and public entities. Plus, we were the first company in Europe to offer Call Recording as a Service—and as a regional market leader, we have the heritage and expertise to deliver the robust solutions that our customers demand.

It’s that kind of deep track record you’ll want on your side to make sure that you and the Finanssivalvonta work in perfect alignment as you garner the success you deserve in the thriving Finnish financial services market – and ensure full compliance with relevant national and international regulations.

 

Stay in touch...
  • Linkedin
  • Twitter
  • blog