Yoon Seokheon: "Following Securities Firms, Sanctions on Banks for Lime Fund Will Begin"

Yoon Seok-heon, Governor of the Financial Supervisory Service, visited Mangwon Market in Mapo-gu, Seoul on the 24th to purchase daily necessities for sharing activities ahead of the Chuseok holiday.

[Asia Economy Reporter Oh Hyung-gil] The Financial Supervisory Service (FSS) plans to initiate sanctions against banks that sold Lime funds following disciplinary actions against the CEOs of securities firms that sold the funds.

On the 24th, ahead of the Chuseok holiday, Yoon Seok-heon, Governor of the FSS, visited Mangwon Market in Mapo-gu, Seoul for a sharing activity and told reporters regarding sanctions on Lime Asset Management sellers, "I cannot specify the timing yet, but we will first take action against the securities firms and then move on to the banks (sanctions)."

The FSS will hold a disciplinary review committee next month to impose sanctions on asset managers and sellers related to the Lime Asset Management incident. Since inspections of the selling banks, Shinhan Bank and Woori Bank, were conducted later, their disciplinary reviews are expected to be held after those of the securities firms.

Regarding the recent surge in unsecured loans, Governor Yoon said, "We are taking this very seriously," and added, "We are working with financial companies to establish phased measures." He further stated, "An official announcement regarding the measures will likely be made soon."

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