Finanssiala ry (FA), the Finnish financial industry association, has called for easing administrative obligations on employee funds (henkilöstörahastot) to promote their use as a tool for employee rewards and 'people's capitalism.' In an April 13, 2026 statement on a government bill to abolish the Act on the Cooperation Ombudsman and related legislation, FA argued that the proposed registration and supervision solution would not reduce workload or improve efficiency, and that a new supervision fee, though small, would increase costs and discourage new fund creation, potentially leading to the dissolution of the smallest funds.
FA recommends that the role of the Finnish Patent and Registration Office (PRH) be limited to clarifying registration requirements and managing changes and data in the employee fund register, while leaving established practices and fee models untouched. The association notes that the Tax Administration already provides comprehensive guidance and supervision, making separate annual oversight of fee models unnecessary unless material changes occur. FA also stresses the importance of preserving the expertise of the Cooperation Ombudsman's office during the transition to PRH.
The call aligns with a broader EU regulatory simplification push. On March 23, 2026, European Commissioner Valdis Dombrovskis proposed a 25% reduction in administrative burdens across the EU by 2029, with a 35% target for SMEs. On March 24, he outlined a comprehensive simplification and enforcement agenda before the European Parliament's Committee on Legal Affairs. Industry groups have echoed these goals: on April 9, Orgalim called for simplicity and digital tools in the EU's 2026 New Legislative Framework update, and on April 12, Seldia launched a campaign to collect success stories from its members across Europe, citing the simplification push.
FA's proposal reflects a trade-off between regulatory oversight and business competitiveness. Reducing administrative burdens could lower compliance costs for companies and encourage employee fund adoption, potentially boosting employee engagement and savings. However, lighter supervision may increase risks of non-compliance or misuse, affecting fund participants and tax authorities. The impact is moderate: for employers and fund administrators, it reduces paperwork and costs; for employees, it may enhance reward schemes; for regulators, it shifts oversight responsibilities; and for the Tax Administration, it maintains existing monitoring roles.
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