Tasks and objectives

On 19 September 2006, i.e. on the day when the Act of 21 July 2006 on supervision of the financial market entered into force, the Polish Financial Supervision Authority (PFSA) initiated its activity. The new supervisory body took over the tasks of the Insurance and Pension Funds Supervisory Commission and of the Securities and Exchange Commission, which were abolished pursuant to the provisions of the said Act. The President of the Council of Ministers appointed the Chairperson of the new Authority, Stanisław Kluza. The Chairperson of the PFSA shall perform his functions for five years.

Tasks of the Polish Financial Supervision Authority cover banking supervision, capital market supervision, insurance supervision, pension scheme supervision and supervision of electronic money institutions. Moreover, the tasks of the PFSA shall include the following:
a. undertaking measures aimed at ensuring regular operation of the financial market;
b. undertaking measures aimed at development of financial market and its competitiveness;
c. undertaking educational and information measures related to financial market operation;
d. participation in the drafting of legal acts related to financial market supervision;
e. creation the opportunities for amicable and conciliatory settlement of disputes which may arise between financial market actors, in particular disputes resulting from contractual relations between entities covered by PFSA supervision and recipients of services provided by those entities;
f. carrying out other activities provided for by acts of law.

The aim of financial market supervision is to ensure regular operation of this market, its stability, security and transparency, confidence in the financial market, as well as to ensure that the interests of market actors are protected.

PFSA activity shall be supervised by the President of the Council of Ministers.