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
Geumnyung Wiwonhoe
Agency overview
FormedMarch 3, 2008
(Financial Supervisory Commission in April 1998)
Preceding agency
  • Financial Supervisory Commission
JurisdictionSouth Korean government
HeadquartersSeoul, South Korea
Agency executives
  • Eun Sung-soo, Chairman of the Financial Services Commission
  • Kim Yong-beom, Vice Chairman
Parent agencyPrime Minister
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]

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

See also
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