Top regulator demands bold, speedy reform

The new head of the Financial Services Commission called for “bold and speedy” financial reform on Wednesday, expecting to receive the first batch of reform plans as early as next month.

“We will either find a way or make one,” said FSC Chairman Yim Jong-yong, quoting Carthaginian military commander Hannibal, at the first meeting of a nongovernmental council for financial reform.

“We need a broad plan for reform that encompasses the financial and the nonfinancial sectors, such as foreign currencies, tax and pensions, to develop new financial derivatives and markets,” said the new chief financial regulator, who took office early this month. 

“The council will sort out the most urgent agendas first, and submit their reform plans by next month,” Min said, adding that the entire reform plan will be “finalized and submitted by July-August at the latest.”

The council comprises 19 financial experts, including six from academia, five from financial industries, four from industrial and information technology sectors and four from the pension, tax and consulting industries.

The council is an extended version of the financial innovation council, which aims at drafting a reform framework for about 50 financial regulatory norms that are up for review.

By Chung Joo-won (joowonc@heraldcorp.com)