Through his career, Finney went on to be nominated for four more Best Actor Oscars - for his turn as Poirot in Sidney Lumet's 1974 Murder On The Orient Express, his performance in 1983's The Dresser, 1984's Under The Volcano, and a Supporting Actor nomination for playing Ed Masry in Steven Soderbergh's Erin Brockovich. He later played the role of Arthur on "Saturday Night and Sunday Morning".
Their statement read: "Albert Finney, aged 82, passed away peacefully after a short illness with those closest to him by his side".
Our thoughts are with Finney's family and friends at this hard time.
Finney acted in a wide variety of material, including the mainstream musical Scrooge, a low-budget crime comedy (Gumshoe) and the celebrity-ridden adaptation of Murder on the Orient Express.
Tributes from within the industry have already begun flooding in already, from fellow actors, directors and movie critics alike, with film critic Peter Bradshaw tweeting to say he was "so sad" to hear of Finney's death.
"I was dead lucky. It was one of the leading reps in the country". "I've always been lucky", he told the newspaper.
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He also admitted that, along with luck, there was another attribute he possesssed.
Albert Finney receiving a his fellowship BAFTA.
He made his name in 1960 with "Saturday Night and Sunday Morning", one of a new generation of down-to-earth British films dubbed kitchen-sink dramas in which he played an angry young factory worker. The 1990s gave him an opportunity to work with the Coen Brothers in Miller's Crossing, and he also expanded into television with roles in miniseries titles like Karaoke, Cold Lazarus and Nostromo.
The film gained him the first of five Oscar nominations.
However, he's never been one to take such awards too seriously, and would rarely attend the ceremonies.