The Financial Supervisory Service Launches Task Force to Improve Interest Rates and Fees at Securities Firms

On the 19th, the Financial Supervisory Service announced the launch of a task force (TF) to improve interest rate and fee practices at securities firms, in collaboration with 14 securities companies and the Korea Financial Investment Association.

Lee Bok-hyun, Governor of the Financial Supervisory Service, attended the 'FSS Governor-Securities CEO Meeting' held on the 2nd of this month at the Korea Financial Investment Association in Yeouido, Seoul, and is heading to his seat after a commemorative photo. Photo by Dongju Yoon doso7@

The TF is composed of three working groups focusing on investor deposit interest rates, credit loan interest rates, and securities lending transaction fees, respectively, with each group scheduled to hold its first meeting between the 20th and 28th of this month.

Furthermore, regarding the background of the TF initiative, the plan is to share opinions with the industry and derive measures to enhance investors' rights, such as their right to information and bargaining power, by ensuring that interest rates and fees are applied more reasonably.

A Financial Supervisory Service official explained, "The TF will be held at least once a month, and based on the discussions, we plan to prepare institutional improvement measures in the first half of the year, including the improvement of related best practices, terms and conditions, and strengthening of disclosures, after broadly collecting opinions from the industry."