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 [...]
SEOUL, Oct. 17 (Korea Bizwire) – The chief of the Financial Supervisory Service (FSS) apologized Tuesday over the financial regulator’s alleged irregularities in hiring employees with ties to influential figures, including politicians and bankers. The FSS has been under fire after state auditors found last month that a senior FSS official gave a special favor to some job candidates who are relatives of a then lawmaker and a [...]
SEOUL, Sept. 4 (Korea Bizwire) – An increasing number of South Korean banks are doing away with the country’s official identity verification process, which has long been criticized as ‘too complicated’ and ‘exhausting’, while being encouraged by financial authorities to do away with the excessive use of ActiveX, a software framework often slammed as ‘headache-inducing’. [...]
SEOUL, Aug. 30 (Korea Bizwire) — Banks in South Korea saw their financial health improve slightly in the second quarter of this year helped by modest gains in their profits, the financial regulator said Wednesday. The average capital adequacy ratio of 18 commercial and state-run banks stood at 15.37 percent as of end-June, up 0.23 [...]