Financial Services Commission (South Korea)

The Financial Services Commission (FSC), formerly Financial Supervisory Commission, is South Korean government's top financial regulator. It makes financial policies, and directs the Financial Supervisory Service.

Financial Services Commission
금융위원회
金融委員會
Geumnyung Wiwonhoe
Agency overview
Formed
  • April 1998 (1998-04)
    (as Financial Supervisory Commission)
  • 3 March 2008 (2008-03-03)
    (as Financial Services Commission)
Preceding agency
  • Financial Supervisory Commission
JurisdictionGovernment of South Korea
HeadquartersSeoul, South Korea
Agency executives
  • Kim Joo-hyun, Chairman
  • Kim So-young, Vice Chairman
Parent agencyOffice of Prime Minister of South Korea
Child agency
Websitefsc.go.kr/eng
Financial Services Commission
Hangul
금융위원회
Hanja
金融委員會
Revised RomanizationGeumnyung Wiwonhoe
McCune–ReischauerKŭmnyung Wiwŏnhoe

The Financial Supervisory Commission was established in 1998. With the start of Lee Myung-bak administration, the Commission was rearranged into the Financial Services Commission; the new one took over the policy-making authority from the Finance Ministry.

As part of social responsibility, in 2014 the FSC Chairman Shin Je-yoo made plans to regulate the degree of innovativeness of banks requiring them to make the public the wages employees and executives in comparison to overall profit.

This part of measured to encourage financial banks to create more value and jobs with an innovative management. It will see whether the banks are financing enough promising tech firms for going conservative practices and filling their social responsibility.[1]

See also

References
  1. Yoon, Ja-Young (2014-11-01). "Regulator to evaluate innovative efforts of bank - The Korea Time". Retrieved 2020-06-06 – via PressReader.
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