Major Functions
FSS acts as the executive supervisor for the FSC and principally carries out examination of financial institutions along with enforcement and other oversight activities as directed or charged by the FSC.
- Supervision of financial institutions: (Preliminary) review of license applications (for bank, non-bank, financial investment company, insurance company, credit card company, financial holding company, or any other kind of financial institution), review of the terms and conditions of financial institutions; supervision of the soundness of business management and business activities
- Examination of financial institutions: Analysis and evaluation of financial companies’ business activities, financial position, and risk management capacity; verification of companies’ compliance with relevant statutes
- Supervision of the capital market: Operation of disclosure system to maintain the sound operation of primary and secondary markets for marketable securities; capital market investigation to prevent unfair trade practices
- Supervision of accounting: Alignment of accounting standards to international accounting standards to achieve enhanced transparency; supervision of accounting to ensure a fair operation of the external audit system
- Protection of customers of financial services: Consultation and handling of customer complaints regarding financial services; protection of customer rights through dispute mediation; financial education of consumers
Read more about this topic: Financial Supervisory Service (South Korea)
Famous quotes containing the words major and/or functions:
“You should hurry up ... and acquire the cigar habit. It’s one of the major happinesses. And so much more lasting than love, so much less costly in emotional wear and tear.”
—Aldous Huxley (1894–1963)
“Let us stop being afraid. Of our own thoughts, our own minds. Of madness, our own or others’. Stop being afraid of the mind itself, its astonishing functions and fandangos, its complications and simplifications, the wonderful operation of its machinery—more wonderful because it is not machinery at all or predictable.”
—Kate Millett (b. 1934)