Seoul: The nominee for the chief financial regulator announced his intent to lead initiatives aimed at channeling funds into “productive” sectors. During a parliamentary hearing, Lee Eog-weon, nominated for the chairman of the Financial Services Commission (FSC), expressed his commitment to overhauling policies and regulations to bolster the role of financial companies in productive finance.

According to Yonhap News Agency, Lee emphasized his dedication to revitalizing financial markets and managing household debt. He stated that stricter measures will be enacted against stock price manipulation and accounting discrepancies. Additionally, policies will be introduced to alleviate the financial burdens faced by the underprivileged.

The nominee pledged to improve the protection of financial consumers and urged financial companies to strengthen internal controls following a series of financial mishaps. Regarding the issue of rising household debts, Lee mentioned that existing measures will remain, with the possibility of further actions by the regulator to curb household debt if necessary.