ABOUT FSC
The Financial Services Commission (FSC) was established on March 3, 2008 with the announcement of enforcement regulations of the organization of the FSC and its support organizations pursuant to the Ordinance of the Prime Minister No. 875, for the purpose of integration of financial and supervisory policy functions and separation of policy-setting and execution functions by dividing the posts of the FSC Chairman and the FSS Governor. The FSC has four main mandates of advancing the financial industry, stabilizing financial markets, promoting a sound credit system and fair trading practices. In addition, the FSC gives guidance to and supervises the FSS regarding matters managing the FSS such as amendment of the Articles of incorporation and approval of budget and financial statements.
The FSC is composed of nine commissioners including one Chairman, one Vice Chairman, the Vice Minister of Strategy and Finance, the Deputy Governor of the Bank of Korea, the President of the Korea Deposit Insurance Corporation, the Governor of the Financial Supervisory Service, two people recommended by the Chairman of the FSC, and one person recommended by the Chairman of the Korea Chamber of Commerce and Industry. The Chairman, who is appointed by the President of the Republic of Korea, presides over the FSC meetings and exercises control over general affairs. The resolutions of the FSC meetings are adopted by the attendance of a majority of its commissioners and by the concurrence of a majority of those present.
About FSS
The Financial Supervisory Service (FSS) was established on January 2, 1999, under the Act on the Establishment of Financial Supervisory Organizations by bringing together four supervisory bodies-Banking Supervisory Authority, Securities Supervisory Board, Insurance Supervisory Board, and Non-bank Supervisory Authority-into a single supervisory organization.
The FSS is primarily responsible for supervision and examination of the regulated financial institutions in Korea. It also has the authority to order the submission of documents, records, or personal testimony necessary for investigation. Noncompliance or providing deliberately false statements in an FSS investigation constitutes an offence punishable under the law. Upon approval from the Financial Services Commission (formerly Financial Supervisory Commission), the FSS may also recommend dismissal of officers and managers of financial institutions who are found to be liable for violation of rules and regulations. The FSS also serves as a mediator of disputes between financial institutions, investors, depositors and creditors.
The FSS is headed by the Governor and organized along 25 departments and 16 offices that are divided among nine principal divisions: (1) strategic planning, (2) management support and consumer protection, (3) supervisory service coordination, (4) banking service, (5) non-banking service, (6) insurance service, (7) financial investment service, (8) capital market investigation, and (9) accounting service. The Internal Audit Office is responsible for the internal audit of the FSS.
For more information on FSS, please visit http://english.fss.or.kr
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