The Finnish Financial Supervisory Authority (FIN-FSA) has decided to end its monitoring of Finnish earnings-related pension provider, Elo.

The regulator has decided that lawyer, deputy district chief, Pekka Jaatinen's, assignment as ombudsman for Elo will end on 30 June 2022. Jaatinen was appointed on 11 December 2020 to monitor Elo's activities.

Commenting on the decision, Elo CEO, Carl Pettersson, said: “We have implemented the measures that Finansinspektionen required in order to develop our corporate governance system. We implemented the last measures in March 2022. During the third and final stage of the monitoring in the spring, the Ombudsman followed up on the measures taken and their effect. The collaboration with Pekka Jaatinen has worked well.”

Pettersson thanked the entire Elo organisation, board, supervisory board and the ombudsman. He said the provider “worked hard to ensure that our business model is at the level required by the Financial Supervisory Authority”.

The update follows extensive work undertaken by Elo, following the intervention of FIN-FSA. In December 2021, it announced that it had simplified its management structure.

The intervention was, in part, because Elo’s solvency ratio fell below the permitted level for one day, which it said was due to the fall in the stock markets as a result of the Covid-19 pandemic. Since then, Elo has undergone a change in its management structure, including the departure of Satu Huber, who was CEO at the time; Carl Pettersson has now taken over this role.

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