Korea will facilitate competitions among financial companies by removing regulatory hurdles.
Financial Services Commission (FSC) Chairman Shin Je-yoon came to an agreement with representatives of financial bodies to put their heads together for the government’s three-year economic innovation plan. In particular, they agreed to locate hidden regulations in every financial sector and review it from “square one.”
“The financial sector is now in the most terrible crisis situation since the financial crisis of 2008,” said Shin at a meeting held in the Bankers Association building on March 13, stressing, “The entire financial industry should try to put finance’s basic principle of trust right back.”
“We will remove even invisible barriers and outdated practices in the financial sector, which hamper financial players’ activities,” Shin said, pledging to abolish up to 10 percent of current restrictions to facilitate competition among financial companies. He added that the FSC will take a set of comprehensive deregulation steps before the end of the first half.
The FSC is going to announce a comprehensive improvement plan in June this year, after it drafts the list of regulations and conducts an analysis of civil complaints and surveys.
Participants in the meeting said they will actively cooperate with the government for the smooth implementation of the three-year economic innovation plan by taking initiatives for financial deregulation and technical financing activation.