Financial Services Commission (South Korea)

The Financial Services Commission (FSC), formerly Financial Supervisory Commission, is South Korean government's top financial regulator. It makes financial policies, and directs the Financial Supervisory Service.

Formed

• April 1998; 28 years ago (1998-04)
  (as Financial Supervisory Commission)
• 3 March 2008; 18 years ago (2008-03-03)
  (as Financial Services Commission)

Preceding agency

• Financial Supervisory Commission

JurisdictionGovernment of South Korea

HeadquartersSeoul, South Korea

Quick facts Agency overview, Formed ...

Financial Services Commission

금융위원회
FSC headquarters in Government Complex Seoul of Jongno District
Agency overview
Formed	April 1998; 28 years ago (1998-04) (as Financial Supervisory Commission) 3 March 2008; 18 years ago (2008-03-03) (as Financial Services Commission)
Preceding agency	Financial Supervisory Commission
Jurisdiction	Government of South Korea
Headquarters	Seoul, South Korea
Agency executives	Lee Eog-weon, Chairman Kim So-young, Vice Chairman
Parent agency	Office of Prime Minister of South Korea
Child agency	Financial Supervisory Service
Website	fsc.go.kr/eng
Korean name
Hangul	금융위원회
Hanja	金融委員會
RR	Geumyung wiwonhoe
MR	Kŭmyung wiwŏnhoe

Close

The Financial Supervisory Commission was established in 1998. With the start of Lee Myung-bak administration, the Commission was rearranged into the Financial Services Commission; the new one took over the policy-making authority from the Finance Ministry.

As part of social responsibility, in 2014 the FSC Chairman Shin Je-yoo made plans to regulate the degree of innovativeness of banks requiring them to make the public the wages employees and executives in comparison to overall profit.

This part of measured to encourage financial banks to create more value and jobs with an innovative management. It will see whether the banks are financing enough promising tech firms for going conservative practices and filling their social responsibility.^[1]