The Financial Supervisory Service Establishes a New Organization to Promote Financial Supervision Innovation

[Asia Economy Reporter Bu Aeri] The Financial Supervisory Service (FSS) announced on the 6th that it will establish a new organization to promote innovation in financial supervision.

On the same day, the FSS unveiled its 2023 business plan, explaining that it will systematically capture and analyze significant changes in the financial industry and identify and improve unreasonable regulations and supervisory practices.

The newly established Supervision Innovation Coordination Team will discover and improve regulatory reforms and innovations in supervisory practices.

Additionally, to support financial companies in pursuing new business ventures, an online licensing START portal system will be built to apply for and manage preliminary consultations.

The FSS will also improve the protection of the defense rights of sanction targets and rigid sanction practices.

It plans to notify financial companies of the annual regular inspection targets at the beginning of each year when announcing inspection plans, ensuring sufficient preparation time for inspections.

The policy aims to enhance the defense rights of sanction targets by allowing copying of their own questionnaires and early access to materials.

Furthermore, by adding a keyword search function to the sanction disclosure website, the FSS intends to encourage financial companies' autonomous control and actively utilize 'conditional exemption from compliance education' for minor violations without consumer damage, promoting alternative sanction measures.

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