Seoul: The country's financial watchdog chief said Monday that his agency will double efforts to advance the capital market as well as to safeguard financial customers.
According to Yonhap News Agency, in a meeting with heads of foreign financial companies operating here, Lee Chan-jin, governor of the Financial Supervisory Service (FSS), also said foreign financial companies need to beef up risk management amid increased market volatility.
"Institutional support for shareholder protection and market advancement measures will elevate the confidence and attractiveness of South Korea's capital market," Lee said.
The FSS chief stressed that given financial products are becoming more complicated, foreign financial institutions need to further shore up the value of financial customers' production.
"There could be differences in selling products between local financial institutions and foreign ones, but the principle of protecting customers should be firmly observed," he said.
Lee also said the financial authorities will continue efforts to help funnel money into "productive" sectors, adding that policies and regulations will be revamped in a way that supports financial companies' role in productive finance.