Financial Services Commission, Financial Supervisory Service and 9 Other Financial Public Institutions Promote Spread of 'Proactive Administration'

Approval of Two Agenda Items for Pre-Consulting on KAMCO Applications

Son Byung-du, Vice Chairman of the Financial Services Commission, is delivering opening remarks at the 'Financial Development Council' held on the 24th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jo Gang-wook] The Financial Services Commission announced on the 30th that it held the 10th Proactive Administration Support Committee meeting chaired by Vice Chairman Son Byung-du, receiving reports on the 'Status of Proactive Administration Execution Plans' from nine financial public institutions including the Financial Supervisory Service.

This execution plan was mainly established focusing on four major areas: ▲ selection of key proactive administration tasks by institution ▲ preparation of plans to discover pre-consulting agenda items ▲ selection of outstanding proactive administration employees and promotion of incentive measures ▲ preparation of proactive administration publicity plans.

The key tasks by institution mainly included strengthening support for real economy recovery after the novel coronavirus disease (COVID-19) and promotion of the Korean New Deal.

The Financial Supervisory Service presented the introduction of the regulatory proof responsibility system and active operation of the exemption system reform plan as key tasks, while the Korea Deposit Insurance Corporation proposed key tasks such as introducing its own normalization and resolution system and mistaken remittance return support, and expanding the digital work base.

In addition, the Korea Housing Finance Corporation proposed the introduction of the Jeonse Protection Guarantee and easing the subscription age for the housing pension and requirements for the Bogeumjari Loan, the Korea Development Bank emphasized operating an emergency countermeasure committee to overcome the COVID-19 crisis, and the Industrial Bank of Korea highlighted creating a digital financial environment, proactive administration in inclusive and win-win finance sectors, and establishing a support system by growth stage.

Along with this, the Financial Services Commission and the Proactive Administration Support Committee plan to expand pre-consulting and current issue deliberation functions to alleviate audit burdens during the proactive administration process of financial public institutions, and reviewed two pre-consulting agenda items applied by the Korea Asset Management Corporation (KAMCO).

KAMCO inquired in advance whether it is appropriate to apply the purchase rate standards it established itself regarding the movable collateral claim recovery support work, and whether it can form a committee composed of external experts to decide the acquisition price related to the corporate asset purchase program, receiving favorable opinions from the committee.

Vice Chairman Son Byung-du of the Financial Services Commission said, “The role of financial public institutions, which are in contact with the public regarding financial policies, is important for spreading a culture of proactive administration in the financial sector,” adding, “The Financial Services Commission and the Proactive Administration Support Committee also plan to actively review and support pre-consulting and institutional improvement tasks necessary during the proactive administration promotion process of financial public institutions.”