The Norwegian Financial Supervisory Authority published a presentation by Director General Per Mathis Kongsrud for Finansnæringens dag 2025, setting out a tougher risk environment for the financial industry while noting that Norwegian banks remain profitable and competitive. The presentation highlighted a deteriorating risk picture alongside rapid technological development, a more integrated financial market, increasing regulatory complexity, and fraud and other economic crime. It also pointed to challenges in the operating framework in some areas, including relocation of activities, likely structural changes in the sector, and increased supervisory attention. On opportunities, it stressed that any simplification should preserve requirements for capital strength, governance and internal control, referenced a clear mandate from the Ministry of Finance, signalled a push for more effective efforts against economic crime, and flagged a joint sandbox invitation with the Norwegian Data Protection Authority.
Norwegian Finanstilsynet 2025-04-08
Norwegian Financial Supervisory Authority outlines worsening risk picture and promotes simplification and a joint sandbox with the Data Protection Authority
At Finansnæringens dag 2025, Norwegian Financial Supervisory Authority Director General Per Mathis Kongsrud highlighted a challenging risk environment for the financial sector, despite banks' profitability. He addressed rapid technological changes, regulatory complexity, and economic crime, emphasizing the need for capital strength and governance. A joint sandbox initiative with the Norwegian Data Protection Authority to combat economic crime was also announced.