Yoon Kwan-seok, Chairman of the Political Affairs Committee, Holds On-site Meeting with Industry Delegation Including Na Jae-cheol, Chairman of the Korea Financial Investment Association

[Asia Economy Reporter Oh Ju-yeon] Yoon Kwan-seok, Chairman of the National Assembly’s Political Affairs Committee, visited the Korea Financial Investment Association and held a meeting with industry representatives on the 31st.

According to the Korea Financial Investment Association, attendees at the on-site meeting included Na Jae-cheol, Chairman of the Korea Financial Investment Association; Kim Shin, CEO of SK Securities; Lee Hyun-seung, CEO of KB Asset Management; Choi Hyun-man, Senior Vice Chairman of Mirae Asset Daewoo; Yoon Kwan-seok, Chairman of the Political Affairs Committee; Jang Seok-hoon, CEO of Samsung Securities; and Kim Sung-hoon, CEO of Kiwoom Asset Management.

From the left in the photo: Kim Shin, CEO of SK Securities; Lee Hyun-seung, CEO of KB Asset Management; Choi Hyun-man, Senior Vice Chairman of Mirae Asset Daewoo; Yoon Kwan-seok, Chairman of the Political Affairs Committee; Na Jae-cheol, Chairman of the Korea Financial Investment Association; Jang Seok-hoon, CEO of Samsung Securities; Kim Sung-hoon, CEO of Kiwoom Asset Management. Photo by Korea Financial Investment Association

On the day, Chairman Yoon said, "The capital market should gather funds from the market and channel them directly into companies or productive sectors so that money does not flow into places like real estate but contributes to balanced growth across all sectors of the national economy." He added, "The 'New Deal Fund' initiative recently announced by the ruling party and government can only achieve its original purpose if the private capital market actively participates."

He continued, "Considering the evolving level and tendencies of individual investors, financial investment companies need to make greater efforts themselves to develop more innovative products and establish trustworthy sales practices." He also stated, "The National Assembly will do its part to promote regulatory innovation necessary for the development of the regulated financial industry."

In his greeting, Na Jae-cheol, Chairman of the Korea Financial Investment Association, expressed industry opinions, saying, "While it is important to strengthen the internal capabilities of the sector to revitalize the capital market, there are also many policy issues that need to be addressed."

Chairman Na pointed out, "Above all, it is urgent to reform the capital market tax system to meet advanced country standards," criticizing the recent government announcement on capital market tax reform for lacking a roadmap for the complete abolition of securities transaction tax. He also conveyed the need to improve the current retirement pension system.

Chairman Na said, "Since most retirement pension subscribers lack financial knowledge, it is necessary to introduce a default option system or a fund-type retirement pension system that can improve returns with the help of experts."

Regarding the private equity fund incident, he stated, "Experts have pointed out that ignoring the principle of investor self-responsibility and placing excessive responsibility only on sales companies can not only encourage moral hazard among investors but also significantly shrink the private equity fund market that supplies venture capital." He requested that the National Assembly carefully review these claims as well.

This content was produced with the assistance of AI translation services.