SEOUL, Dec. 23 (Korea Bizwire) — South Korea’s financial watchdog warned on Monday that bonus systems at banks and other financial institutions remain overly focused on short-term performance, even as incentive pay surged more than 30 percent last year. The Financial Supervisory Service said total performance-based compensation paid to employees at financial companies reached 1.396 trillion [...]
SEOUL, March 27 (Korea Bizwire) — Foreign bank branches in South Korea continued to enjoy a rise in their net profit last year as a sharp increase in their gains from trading of foreign currencies and derivatives more than offset a decline in their interest income, data showed Thursday. The combined net profit of 32 [...]
SEOUL, Feb. 9 (Korea Bizwire) — South Korea’s Financial Supervisory Service (FSS) announced on February 9 that it will enhance access to corporate disclosure information for foreign investors by expanding English-language content on its electronic disclosure system (DART) and launching a new open data platform on Sunday. The updated English DART system now allows real-time access [...]
SEOUL, Jun. 19 (Korea Bizwire) — The chief of the financial regulator on Wednesday stressed the need to change the very mindset of bank officials to prevent financial incidents such as incomplete sales. Lee Bok-hyun, head of the Financial Supervisory Service (FSS), made the remark in a meeting with the heads of 20 banks in [...]
SEOUL, May 31 (Korea Bizwire) – The Financial Supervisory Service (FSS) of South Korea announced on May 30 the release of financial education videos with subtitles in four languages – English, Chinese, Vietnamese, and Thai – to help foreign residents understand and conveniently access the country’s financial system. The six videos, ranging from 12 to 15 [...]
SEOUL, Aug. 22 (Korea Bizwire) — A new measure will require consumers to be provided with information of sudden changes in returns for variable life insurance funds via text message. The measure comes as critics have condemned the lack of information regarding fund returns, making it difficult for consumers to take active countermeasures. The Financial [...]
SEOUL, May 8 (Korea Bizwire) — South Korea’s major biopharmaceutical firm Samsung BioLogics Co., which has been embroiled in an alleged violation of accounting rules, on Tuesday expressed concern over the financial watchdog’s disclosure of sensitive information. “We express deep concern and regret over the situation where sensitive information surrounding the case, which is under [...]
SEOUL, Apr. 26 (Korea Bizwire) — Telemarketers selling insurance over the phone will now have to pace their explanations at a certain speed to ensure consumer protection, one of many other new measures crafted by the Financial Supervisory Service (FSS). The FSS, drawing upon the expertise of external professionals to identify 177 specific tasks, created [...]
SEOUL, April 16 (Korea Bizwire) – The Financial Supervisory Service (FSS) said Monday it has extended its inspection into Samsung Securities over brokerage’s “fat-finger” dividend chaos that shocked the country. The inspection had been completed on Thursday but has been stretched out to April 27 to “figure out special details” of the dividend error, the FSS said in a statement. [...]
SEOUL, Oct. 18 (Korea Bizwire) – South Korean banks have been accused of staying off the radar and making profits through high additional interest rates for banking products such as loans, despite government efforts to lower interest rates. According to data from the Financial Supervisory Service (FSS) revealed by lawmaker Park Chan-dae, who is a member [...]