FSC Chairman commits to cut red tapes in the financial sector

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The FSC Chairman Shin Je-Yoon briefed the National Assembly’s state affairs committee on the government’s current financial initiatives on July 7, Monday. Among various issued touched upon during the session, Chairman Shin expressed his strong will to overhaul unnecessary regulations that hamper development of the financial industry.

Through reducing the red tape, he said, the government will ensure that ample fund is provided to companies with promising technology, improve financial accessibility, ease financial burdens of consumers, eradicate unreasonable practices in the financial sector, encourage more investors to invest in the capital markets, grant more autonomy to the financial markets, and improve transparency of market oversight. Moreover, September will be designated as the month to go over and check the process of improving unreasonable regulations in order to consistently keep on track with the efforts to cut the red tape.

 

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