|
|
|
Financial watchdog to boost supervision over derivative sales
SEOUL, March 7 (Yonhap) -- South Korea's financial watchdog said Sunday it plans to set up a division to comprehensively supervise derivatives, pension products and other financial instruments in a bid to better monitor the local financial market.
The Financial Supervisory Service (FSS) said it will unify the supervision of a set of derivatives and financial instruments including funds and retirement pension products which financial firms -- banks, brokerage houses and insurers -- can sell regardless of their own business scope.
Currently, the watchdog is supervising business practices and sales of financial products by dividing each financial sector, but the development of a wide range of complicated financial instruments has made it difficult for the FSS to effectively supervise those products.
The lack of systemic supervision of derivatives has been blamed for helping bring about the global financial downturn, sparked by the collapse of Lehman Brothers.
sooyeon@yna.co.kr
(END)
|
| |
|
|
Home
