The heads of the country’s financial regulator and watchdog on Monday vowed to better protect consumers and focus on inducing productive finance.
During a meeting, Lee Eog-weon, the chairman of the Financial Services Commission, and Lee Chan-jin, governor of the Financial Supervisory Service, agreed to overhaul their regulatory and supervisory schemes in a way that better tackles financial scams, cybersecurity breaches and improper sales of financial products.
Their meeting came as the two agencies remained intact in a recent government organization overhaul.
The two heads vowed to focus on changing regulations and oversight to help financial institutions play a greater role in productive finance.
Local banks, in particular, have been under fire for their practice of extending loans backed by collateral, which has failed to support innovation in the economy. (Yonhap)
