2,324.91 16.45 (+0.71%)

    821.82 5.09 (-0.62%)
  • Dollar/Won

    1,115.30 0.00 (0.00%)
증권시황 정보 열기

FSS governor vows tighter watch on financial institutions

2018.07.10 15:58:48 | 2018.07.10 16:12:15
  • print
  • email
  • facebook
  • twitter
  • share
FSS governor Yoon Suk-heun. [Photo by Han Joo-hyung]

FSS governor Yoon Suk-heun. [Photo by Han Joo-hyung]

South Korea’s financial regulatory authority will conduct all-out probes on financial institutions in the fourth quarter to prevent mishaps and unfair trade and place consumer protection as top priority, said Yoon Suk-heun, Financial Supervisory Service (FSS) governor.

“We may have to wage a war with financial institutions to protect consumers,” Yoon, a progressive professor at Seoul National University recruited as the third FSS governor under the one-year-old administration of President Moon Jae-in, told reporters on Monday.

Financial institutions have not come under regular checkups for the last three years. But the string of scandals - hiring irregularities at banks, fat-finger error at Samsung Securities, and excessive rate charges by some banks - demand revival of strict inspection, he said.

The FSS chief also ordered financial institutions to come up with plans of seating a union-recommended member on their boards. The higher policy-making Financial Services Commission previously indicated reservation on such move, saying more social consensus would be needed to seat a union-representing member on the managing board.

By Kim Dong-eun and Cho Jeehyun

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]



  • Seoul Wed 26 September 2018
  • WED


Get Newsletters