FSC announces financial industry road map

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The Financial Services Commission on November 27, 2013 officially announced the government’s plan to strengthen competitiveness of Korea’s financial industry, or the so-called ’10-10 Value-up’ plan. Chairman Shin Je-yoon proposed ‘3 Missions and 9 Objectives’ in order to equip the financial industry with competitiveness capable of providing decent financial services to consumers.

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Top priority tasks such as revising financial regulations or strengthening financial supervision will be completed until the first half of 2014. The FSC will come up with a series of detailed plans in December: to reform PEF regulations (Week 1); to create new demands for financial services in the era of extended longevity (Week 2); and to help innovative technology & intellectual property generate financial values (Week 3). The remaining tasks that the plan proposed will be included to the FSC’s policy agenda for next year.

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