- Seeks to ensure stability and credibility of the financial system
- Maintains regular contact with financial market participants and their customers
- Investigates and settles disputes between consumers and financial service providers
- Applies legal innovations in the financial sector
Vytautas Valvonis, Director of the Supervision Service
The Supervision Service is one of the largest structural units of the Bank of Lithuania. It consists of two Departments – the Prudential Supervision Department and the Financial Services and Markets Supervision Department. Our Service brings together more than 100 actively-working experts in their fields. In working together, efficiently supervising financial market participants, financial services and markets, as well as improving financial service consumer confidence in financial markets, we aim to ensure stability and credibility of the financial system.
It is crucial for us to develop an attractive financial market where innovation prevails, hence we keep in close contact with financial market participants and other institutions in the Republic of Lithuania in preparing draft legal acts – we initiate discussions and hold consultations, regularly inform on potential changes in the regulatory environment. We consult with financial market participants and devote much attention to improving the supervisory environment, thus promoting sustainable development of the financial market.
The Supervision Service maintains regular and close contact with financial market participants and their customers. We investigate disputes between consumers and financial service providers and take necessary decisions (recommendatory in nature) to settle them, admit complaints about the provision of financial services from both natural and legal persons, monitor trade activities in the market for financial instruments, and carry out various reviews (e.g. on pension funds, activities of issuers, etc.) which are relevant to financial market participants and investors.
We seek to ensure that the financial market employs highly-qualified specialists of sufficiently high repute, and financial services are provided in a professional manner; therefore, we issue financial brokerage and/or insurance broker licences. Only licensed financial market participants may operate in the financial market: we evaluate applications for a license by checking whether an enterprise complies with specific prudential requirements laid down in legal acts, if contenders for an executive position in a financial institution are of good repute and meet the qualification and experience requirements established in legal acts.
We safeguard consumer interests, thus we regularly update relevant information on licensed financial brokerage firms and brokers, enterprises licensed to provide services in Lithuania’s financial market, as well as provide information on unlicensed enterprises that offer their services to people residing in Lithuania.
Our Service aims to ensure that Lithuania’s financial market is innovative and new participants entering the market encourage healthy competition, thus we partake in more efficient implementation of legal innovations and constantly improve the licensing process.