The Financial Services Commission (FSC) has been established for the purpose of protecting the integration of Korea’s financial markets by promoting sound credit system and fair business practices. To this end, the FSC serves as a consolidated policy making body for all matters pertaining to supervision of the financial industry as a whole. To raise the efficiency, the posts of the FSC Chairman and the FSS Governor were separated on March 2008 for clear distinction between policy making and execution of financial market supervision.
The FSC comprises nine commissioners including the Chairman, the Vice Chairman, the Vice Minister of Strategy and Finance, the Deputy Governor of the Bank of Korea, the President of the Korea Deposit Insurance Corporation, the Governor of the Financial Services Commission, two members recommended by the Chairman of the FSC, and one recommended by the Chairman of the Korea Chamber of Commerce and Industry. The Chairman, appointed by the President of the Republic of Korea, presides over the FSC meetings and exercises control over general affairs. The resolutions of the FSC meetings are adopted upon the concurrence of a majority of those present. The followings are primary functions of the FSC.
- Deliberation and Resolution of Important Financial Issues
- Issues concerning the advancement of financial industry, the stability of financial markets, the promotion of a sound credit system and fair trading practices
- Guidance and Supervision of the Financial Supervisory Services
- Matters pertaining to the guidance and supervision of the FSS such as amendment of the Articles of incorporation and approval of budget and financial statements