Will get back to the basics, says new FSS chief
[THE INVESTOR] The government has finally named the new head of Financial Supervisory Service after his predecessor stepped down over corruption allegations.
On May 8, Yoon Suk-heun, a professor at Seoul National University and former adviser to President Moon Jae-in, told reporters that he would do his best to help the financial authorities regain trust and respect, while also fulfilling his duties as the manager of national risk. Below is a brief Q&A session he held.
Question: Is there anything that you believe is subpar or biased at the FSS or other local financial authorities?
Yoon: I will not talk about any specific government. It’s just that Korea’s financial history has been quite rocky, and it feels like the financial authorities have drifted from their original role or duties. So I hope to take things back to the basics. As you know, in finance, everything is entwined, and there is nothing with exact, specific answers. So I believe the (FSS) must go back to the basics to solve pending problems.
Q: What’s your view on cryptocurrencies?
Yoon: It’s not an issue involving the FSS. I will try to give an answer next time, after I do some more research.
Q: You’ve stressed the importance of independence for the FSS. How do you plan on achieving it?
Yoon: This is related to the first question you asked. In order for the FSS to be true to its role as a regulator, it needs independence. The question is not how to achieve this, but how to maintain more neutrality and independence within the given framework.
Q: Any views on the accounting issues concerning Samsung BioLogics?
Yoon: There are steps that need to be taken on this. First the audit committee has to meet, then the Securities and Futures Commission also needs to probe it.
By Bryan Hong (firstname.lastname@example.org)