Home Business Financial Supervisory Commission Yoon Seok-heon “Improving the consumer-centered system…Establishing responsible management for financial companies”

Financial Supervisory Commission Yoon Seok-heon “Improving the consumer-centered system…Establishing responsible management for financial companies”

by news dir

[FETV=이가람 기자] In accordance with the enforcement of the Financial Consumer Act, the Financial Supervisory Service plans to reorganize the consumer-centered business activity supervision system and establish a responsible management culture for financial companies.

On the 17th, Seok-heon Yoon, head of the Financial Supervisory Service, attended the general meeting of the National Assembly’s Political Affairs Committee and said, “We will continue to provide financial support for Corona 19 and strive to establish a fair financial transaction order.” I will deal with the actions strictly.”

In particular, it was foreshadowed to strengthen supervision over incomplete sales of high-risk financial products. Recently, the financial sector has been suspicious of not accurately notifying consumers while selling funds that are likely to lose principal. Accordingly, the Financial Supervisory Service is planning to conduct intensive inspections on the operation of high-risk products such as private equity funds.

We also look at unsound business practices such as platform-type similar insurance recruitment and exaggerated investment advertising based on non-face-to-face competition. It also examines the public offering process related to derivative-linked securities (DLS) and activities that circumvent regulations, such as bypass payment of insurance recruitment fees.

In addition, it announced that it would follow the Board of Audit and Inspection’s decision on sanctions against the Korea Securities Depository regarding the suspension of redemption of the Optimus Asset Management private equity fund. It is interpreted that the Financial Supervisory Service, who tried to impose severe punishment on the depository, resigned. Earlier, the Financial Supervisory Service notified of severe disciplinary measures such as a warning to the institution and reducing salaries for related employees, saying that the depository did not properly perform the role of the office management company.

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