Independent panel launches review of financial regulatory reform

South Korea's financial regulator Tuesday set up an independent panel with the aim of drawing up plans for financial regulatory reform.

Asia's fourth-largest economy has sought to strengthen its financial industry by easing regulations, but the government has been reluctant to give up its grip in the sector.
 

The 13-member panel, headed by Yoon Suk-heun, a business professor at Seoul National University, will map out the plans for regulatory reform by the end of October, the Financial Services Commission said in a statement.

The panel held its first meeting earlier in the day with discussions focusing on increasing transparency in financial regulations and getting rid of red tape.

During the meeting, Yoon said the nation's financial industry has been hobbled by bureaucratic red tape, citing "inefficient and opaque" financial regulations. (Yonhap)