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- Vice Chairman holds meeting on sustainability disclosure standardsSep 19, 2024
- Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with businesses, industry groups, and related organizations to discuss key issues surrounding the previously introduced open draft on sustainability disclosure standards on September 19. Since the introduction of the open draft earlier this year, diverse opinions have been gathered from domestic and foreign investors, individual companies, and various industry groups between May and August this year. Among 106 companies that submitted opinions, 96 of them shared the need to introduce an obligation to disclose climate related issues first, which indicates that companies are closely following international trends on climate risks and that they are well aware of the growing impact of climate change on business activities. Regarding thesuggestions madebythesestakeholders, Vice Chairman Kim said that authorities will look into ways to accommodate their needs while working to attainclimatepolicy objectives. To this end, Vice Chairman Kim said that authorities plan to offer guidelines to reduce confusion and make support available for businesses to facilitate their disclosure filing.
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- FSC Chairman holds media briefing to inform progress of policy implementationSep 12, 2024
- Chairman Kim Byoung Hwan of the Financial Services Commission held a media briefing for the first time sincetakingoffice in July at Seoul Government Complex in Seoul on September 12.During his briefing, Chairman Kim discussed current situation and policy measures being implemented with regard to the four major risk factors facing financial markets in Korea, which include real estate project finance loans, household debt, small business loans, and prudential management in the nonbanking sector. While outlining the progress and plans for each risk factor, Chairman Kim said that authorities will continue to work on promptly resolving these issues. Regarding key policy tasks going forward, Chairman Kim said that the FSC will work to (a) ensure a seamless process for introducing a new internet-only bank to promote competition in the industry, (b) seek to reform ways in which merger prices are calculated in the corporate merger process to bring about more fairness in the system, and (c) set up an expert advisory committee on virtual assets to more effectively deal with ongoing policy needs and concerns surrounding a variety of remaining tasks.
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- FSC Chairman holds talks with insurers on specific directions for development of insurance industryAug 28, 2024
- Chairman Kim Byoung Hwan of the Financial Services Commission held talks with heads of insurance companies and relevant insurance associations on August 28 and shared a variety of views on ways to restore public trust in the insurance industry and how the insurance sector can better serve the national economy. At the meeting, Chairman Kim said that the insurance sector played an important role as the source of long-term funds in supporting the real economy. To ensure sustainable growth, however, Chairman Kim called for more active role of the insurance industry as investors with long-term investment horizon, while stably managing their assets. To this end, Chairman Kim outlined four directions for the insurance industry going forward: (a) seeking ways to provide better and more convenient services for customers, (b) strengthening risk management over a long-term period, (c) innovating sales channels with the emergence of new contactless, digital technologies, and (d) providing total solutions in response to future challenges including demographic, technological, and climate changes.
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- Safe suspension of personal credit transactions introduced for consumers in anti-vishing effortAug 23, 2024
- Chairman Kim Byoung Hwan of the Financial Services Commission held a meeting on the safe suspension of personal credit transactions program being introduced from today with officials from related organizations and financial industry groups on August 23. A total of 4,012 financial companies including banks, financial investment businesses, insurance companies, specialized credit finance companies, and mutual finance businesses will offer safe suspension of personal credit transactions to their customers starting from today with aims to prevent vishing scams. Under the program, consumers can visit on-site branches of financial companies and apply for the blocking of new credit transactions from taking place under their names. Priortothe meeting, FSC Chairman Kim took part in service demonstration and had pep talks with tellers at a bank branch. At the meeting, Chairman Kim said that the newly introduced service will help to protect consumers' daily financial activities. To make the service more accessible and convenient in the future, Chairman Kim said that the authorities will work to open up online application channel and permit submission of application by delegated persons.