Yoon Seok-heon: "Lime Sales Bank Disciplinary Hearing to Start in December if Possible"

Yoon Seok-heon, Governor of the Financial Supervisory Service

[Asia Economy Reporter Kim Hyo-jin] Yoon Seok-heon, Governor of the Financial Supervisory Service (FSS), stated on the 5th that he intends to start the disciplinary procedures against the banks that sold Lime Asset Management funds preferably within next month.

After attending the '2020 Seoul International Finance Conference' held at the Conrad Hotel in Yeouido, Seoul, Governor Yoon told reporters, "It might take some time until the Disciplinary Committee for Shinhan Bank, Woori Bank, etc. is activated," adding, "But I think it should start within December if possible."

Prior to attending the 'FSS Governor-Invited Bank CEOs Meeting' hosted by the Korea Federation of Banks on the 26th of last month, Governor Yoon also mentioned to reporters, "If possible, we will try to proceed with the process within this year."

The FSS is known to have sent inspection opinion reports based on on-site inspections related to Lime fund sales to the banks that sold the funds last month. The FSS plans to receive objections to the inspection opinion reports from the two banks by early this month.

The FSS is currently conducting disciplinary reviews on KB Securities, Shinhan Financial Investment, and Daishin Securities, which sold Lime funds. The first disciplinary hearing was held on the 29th of last month, and the second disciplinary hearing is taking place this afternoon.

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