Weak authority

Elin Jonsdottir worked as a lawyer at the Financial Authority for four years. She highlights the institution’s problems in Morgunbladid.

– Understaffed
– High turnover of staff
– Increased responsibilities and assignments were not met with a proper increase in staff
– Staff faced hostile receptions in the banks

“I remember meetings where you used to sit by long tables in big meeting rooms and against you sat a large group of the bank’s lawyers and managers, all red in their faces of anger because the Financial Authorities were meddling in their business.”

The lawyers would regularly cite laws regarding governmental interference.

“The balance of power in those cases is not what was had in mind when those laws were created, as they were supposed to protect individuals against the government”.

The salaries of the staff stopped being competitive against the banks years ago so key employees were hard to retain. The fee paid by financial institutions for supervision purposes did not grow according to the growth of the banks.

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