Collection of Claims by the Financial Supervisory Authority

The District Commissioner of Northwest Iceland is responsible for collecting the following claims on behalf of the Financial Supervisory Authority:

• Daily fines and penalties

• Administrative fines imposed by the Financial Supervisory Authority on individuals and legal entities

• Settlement offers and agreements that the Financial Supervisory Authority is authorized to make

• Supervision fees of the Financial Supervisory Authority, which are imposed on entities under supervision

Collection Process

When a claim is created, it appears in the debtor's online banking system. Collection letters are sent to the individual’s mailbox on island.is. If the claim is not paid within 30 days after the collection letter has been sent and no agreement has been made regarding the claim, a payment demand is delivered by a process server.

The following measures are taken to enforce payments:

• Offset against credits in the state treasury

• Registration on the default register

• Asset seizure

• Forced sale

Payment distribution

Requests for payment distribution must be submitted in writing to the email address innheimta@syslumenn.is or by letter to the office of the District Commissioner of Northwest Iceland. The minimum amount for monthly payments in a payment distribution arrangement is 10,000 ISK.

Please note that claims can be paid to the bank account 0159-26-267, ID number 660914-0990. The debtor’s ID number and name must be specified when making a bank payment.

Payments can also be made by credit card.

Appeal Process

A party who is the subject of a decision regarding penalties or daily fines has seven days to submit written objections before the Financial Supervisory Authority's board makes a decision. If they do not accept the decision, they can file a lawsuit in court within three months from the time the decision was communicated to them.

If the Financial Supervisory Authority's decision has been appealed to the courts, confirmation must be sent to the District Commissioner of Northwest Iceland at the email address innheimta@syslumenn.is.