What is the Financial Services Commission (FSC) of South Korea? Financial Services Commission (FSC) of South Korea Review, Features

South Korea's Financial Services Commission (FSC) is a government agency with statutory powers for financial policy and regulatory oversight.

About the Financial Services Commission (FSC) of South Korea

The functions and responsibilities of the Financial Services Commission are shared by the Securities and Futures Commission (SFC) and its subordinate bureaus.

The Financial Supervisory Commission was established in April 2008 as an integrated supervisory body, integrating financial supervisory agencies across all financial sectors.

On February 29, 2008, with the integration of the former Financial Policy Bureau of the Ministry of Finance and Economy, the Financial Supervisory Commission was reorganized into the current Financial Services Commission (FSC). As a result, the FSC has the legal power to draft and amend financial laws and regulations and issue regulatory licenses to financial institutions.

The FSC is also responsible for overseeing cross-border matters, such as monitoring foreign exchange transactions conducted by financial institutions to ensure their financial soundness. As part of the reorganization, the Korea Financial Intelligence Unit (KoFIU) was also merged into the Financial Supervisory Commission to lead the government's anti-money laundering and counter-terrorism finance efforts.

Serve

The FSC is responsible for formulating financial policies, supervising financial institutions and financial markets, protecting consumers, and promoting the development of South Korea's financial industry.

1. Formulate

Formulate financial policies that support economic growth and use macro and micro policy tools to promote financial market stability and enhance the efficiency and resilience of financial markets;

2. Supervision

Regulate financial institutions and oversee financial markets, license financial service providers, and investigate illegal market practices;

3. Protection

Protecting consumers’ rights in financial transactions, mediating and resolving consumer complaints, and providing consumer and investor financial education programs;

4. Advancement

Enhance the competitiveness of the financial industry, promote Korea's status as a global financial center, and support domestic financial institutions in conducting global business operations.