] South Korea’s financial watchdog said on Jan. 12 that it will focus on reforms, promoting the trust business and strengthening the competitiveness of local insurers and financial holding firms.
The Financial Services Commission will also continue efforts to reinforce the fintech industry and raise the transparency of accounting practices.
The state regulator announced a five-point “core reform policy” for 2017.
The FSC demonstrated its determination to push for the measures, saying it will shift to a “standing reform posture.”
The FSC plans to draft a bill on regulating the local trust business, currently subject to the Capital Market Act, and submit it to the National Assembly in October. The envisioned legislation would allow investment trust firms to do business with more flexibility and lower the bar for new players to enter the market.
Life and non-life insurers will be given expanded autonomy in setting premium rates and encouraged to diversify products.
With regard to financial holding companies, the regulator said it will push for the improvement of “quality.”