FSS "One Year of Business Innovation... 34% Increase in Dispute Resolution"

The Financial Supervisory Service (FSS) announced on the 3rd that dispute resolutions have increased by more than 30% since the establishment of its business innovation roadmap.

The FSS explained that the implementation rate of business innovation tasks was about 86.4% as of the end of September. Last October, the FSS prepared a business innovation roadmap consisting of 22 detailed tasks across five major areas. Among the three unfinished tasks, two are being carried out normally and are expected to be completed within the second half of this year, the FSS added.

Since the implementation of the innovation measures, the average monthly number of dispute resolutions reached 3,392 cases, a 34.3% increase compared to the period from January to August last year before the measures were implemented. As of the end of August, the number of pending cases was 12,221, down 31.1% from 17,725 cases at the end of August last year.

To expedite the processing of non-action opinion letters, the FSS revised regulations, increased the number of external committee members, and newly appointed IT experts. The average processing period for non-action opinion letters was 8.7 days, which is 8.6 days shorter than last year’s 17.3 days.

Additionally, by improving the investigation process?such as prioritizing serious cases and enhancing the efficiency of resource allocation?the number of serious cases initiated increased by 40% year-on-year to 42 cases.

The FSS revised guidelines to strengthen the defense rights of sanction targets and improved the operation method of the sanction review committee to enhance convenience. With the extension of the viewing period for sanction-related materials, the number of times sanction materials were viewed doubled to a total of 70 times compared to the previous year. The number of sanction review meetings also increased by 35% year-on-year to a total of 23 meetings.

Moreover, the FSS launched the START portal in July for swift and transparent licensing, receiving 100 pre-consultation applications over two months, processing 65 of them, and scheduling meetings within an average of 2.2 days.

Furthermore, before the establishment of the Fund Rapid Review Office, the backlog of general private and foreign fund reviews, which stood at 11,948 cases, was reduced by 9,472 cases to 2,476 cases as of the end of August.

The FSS stated, "We have improved unreasonable and inefficient work processes and supervisory practices that hinder innovation in the financial industry or reduce the predictability of supervisory administration." It added, "We will continue to promote business innovation and advancement so that the business innovation roadmap is not merely a task completion checklist but becomes embedded in the organizational culture DNA."