The Financial Services Commission has been established for the purpose of protecting the integration of Korea¡¯s financial markets by promoting sound credit system and fair business practices. To this end, the FSC serves as a consolidated policy making body for all matters pertaining to supervision of the financial industry as a whole. To raise the efficiency, the posts of the FSC Chairman and the FSS Governor were separated on March 2008 for clear distinction between policy-making and execution of financial market supervision.
- January 2008
- The 17th Presidential Transition Committee unveiled ¡°the Government Reorganization Plan¡± which included a scheme to revamp the financial administration system by: 1) integrating supervisory policy function of the Financial Supervisory Commission and financial policy function of the Ministry of Finance and Economy including Public Fund Oversight Committee and Korea Financial Intelligence Unit; and 2) separating policy-setting and execution functions through the division of the posts of the FSC Chairman and the FSS Governor.
- February 29, 2008
- Under the Regulations of establishing the Financial Services Commission and its support organizations (the Presidential Decree No. 20684, promulgated and enforced on Feb. 29, 2008), the Financial Services Commission and the Securities and Futures Commission were set up. Korea Financial Intelligence Unit was put under control of the FSC, and the Secretariat was established to support the activities of the Financial Services Commission.
- March 3, 2008
- The Financial Services Commission was formally launched with the announcement of enforcement regulations of the organization and its support organizations pursuant to the Ordinance of the Prime Minister No. 875.