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Majority opposition party seek to break up FSC to divide policy-making and supervisory roles

Collected: 2017.02.22

Distributed: 2017.02.24

Source: Go Direct

The main opposition Democratic Party whose candidates lead the polls among contenders for next presidency is proposing to dismantle the mighty Financial Services Commission (FSC) to leave it with just the supervisory role while handing over the financial policy-making authority to the Ministry of Strategy and Finance.

Democratic Party Rep. Choi Woon-yeol will draw up the overhaul outline and motion it to the National Assembly within the month.

The reform outline could be included in the economic platform for the next presidential candidate from the party that commands the largest number of seats in the legislative. Two candidates from the party lead the polls on approval ratings.

The outline proposes to dismantle the FSC established in March 2008 to oversee entire financial sector from policy-making to regulatory and supervisory role over financial institutions and markets by returning the policy-making to the finance ministry and leave just the Financial Supervisory Service (FSS), the regulatory arm of the commission.

Choi argued that neutrality of the top financial watchdog has come under question because it is in charge of making the policies and supervising them.

By Chung Seok-woo and Noh Seung-hwan

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