Financial Services Commission Archives | Page 3 of 7 | Be Korea-savvy

Government to Protect Seniors Making Financial Investments

SEOUL, July 3 (Korea Bizwire) – The Financial Services Commission (FSC) is set to pass a reform bill which will require financial companies to record conversations with vulnerable elderly customers when selling derivative-linked securities, in a bid to address concerns over unscrupulous sales tactics. The FSC’s announcement about the new financial reforms came on Sunday amid [...]

Tighter Rules for Home Loans to Apply to All Mutual Savings Institutions

Tighter Rules for Home Loans to Apply to All Mutual Savings Institutions

SEOUL, May 30 (Korea Bizwire) – The financial regulator said Tuesday it will apply tighter rules for mortgage loans to all mutual savings institutions starting next month, in the latest step to control fast-growing household debt. The tighter rules, which already have been applied to retail banks and other depository institutions, require borrowers to repay [...]

Gov’t to Set Up 500 bln Won Fund for Venture Startup Failures

Gov’t to Set Up 500 bln Won Fund for Venture Startup Failures

SEOUL, May 26 (Korea Bizwire) — The government plans to raise 500 billion won (US$447.5 million) in funds to help entrepreneurs at venture startups restart business when they fail, officials said Thursday. In South Korea, a failure in a venture startup often leads to ruin, prompting young entrepreneurs to shun risk-taking, which has been cited [...]

Insurers Must Calculate Contract Liabilities with Present Value from 2021

Insurers Must Calculate Contract Liabilities with Present Value from 2021

SEOUL, May 19 (Korea Bizwire) – Insurance contract liabilities must be calculated based on current interest rates and provisions from 2021, when a new global accounting rule is introduced in South Korea, financial regulators said Thursday. South Korea is one of more than 100 nations that will adopt the new global bookkeeping standard, or International Financial Reporting [...]

New Audits by Deloitte Anjin Suspended for 1 year over DSME

New Audits by Deloitte Anjin Suspended for 1 year over DSME

SEOUL, Apr. 6 (Korea Bizwire) — South Korea’s financial regulator on Wednesday confirmed a one-year suspension of new audits by Deloitte Anjin LLC, as punishment for the firm’s accounting irregularities of troubled Daewoo Shipbuilding & Marine Engineering Co. Until April 4 next year, Deloitte Anjin has been barred from signing new audit contracts, the Financial [...]

S. Korea to Ease Restrictions on Banks for New Businesses

S. Korea to Ease Restrictions on Banks for New Businesses

SEOUL, Oct. 20 (Korea Bizwire) – South Korea will revise a law and administrative regulations on the local banking industry to make it easier for banks here to tap into insurance and investment-related businesses, and open new offices abroad, the financial regulator said Thursday.  The move is meant to give local banks more autonomy in [...]

S. Korea to Foster Big Data Use for Financial Services Firms

S. Korea to Foster Big Data Use for Financial Services Firms

SEOUL, Sept. 1 (Korea Bizwire) – The government plans to allow financial service companies here to share the personal information of their customers for big data collection purposes while keeping their names and other details undisclosed, the top financial regulator said Thursday.  The measure would pave the way for banks, insurers, securities firms, fintech operators [...]

Regulator Set to Launch Robo-Advisor Test Bed

Regulator Set to Launch Robo-Advisor Test Bed

SEOUL, Aug. 29 (Korea Bizwire) – South Korea will soon begin the process of introducing a full-fledged computer-advised asset management system, the nation’s financial regulator said Sunday.  Some brokerage firms here have operated robo-advisors on a limited basis with brokers involved.  The Financial Services Commission (FSC) said it plans to first confirm whether the industry [...]

Seoul to Make Stronger Push in Restructuring of Shippers, Shipbuilders

Seoul to Make Stronger Push in Restructuring of Shippers, Shipbuilders

SEOUL, April 26 (Korea Bizwire) – South Korea will make a stronger push in restructuring financially-troubled shipping and shipbuilding companies, but the restructuring drive itself should be spearheaded by firms and their creditors, the country’s top financial regulator said Tuesday. “Last year, the overall value of ship orders clenched by local shipbuilders stood at US$10 [...]