Financial Supervisory Service Chief on Asset Management Executives' Allegations: "Do Not Adjust Your Hat String Under the Plum Tree"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Lee Bok-hyun, Governor of the Financial Supervisory Service, recently emphasized the need for asset management company executives to uphold a higher moral standard than in the past and to faithfully perform their core duties amid allegations related to management.

At the executive meeting on the 9th, Governor Lee stated, "The asset management industry, which manages and operates customers' investment funds, must be fundamentally based on market and investor trust. As the old proverb says, 'Do not adjust your hat string under the plum tree,' executives themselves must maintain a much higher moral standard than before."

He continued, "They must refrain from any inappropriate behavior that could raise suspicions of conflicts of interest or misuse of job-related information, and faithfully perform their core duties as managers of customer funds."

Furthermore, Governor Lee added, "More than ever, executives must raise their awareness of compliance and ethics to a much higher level than before and lead by example to prevent moral hazards among employees. We must make efforts for self-purification and thoroughly check internal controls to prevent financial accidents. I ask for special efforts to enhance the trust in our asset management industry."