South Korea Vows Tough Actions to Restore Market Order, End Misconduct
- FSS will kick out financial firms evading responsibility: Lee
- Aims to end illegal short selling via ‘thorough’ probes
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Shares of South Korean financial stocks fell after an industry watchdog said banks and other firms in the sector will face “stern measures” if they charge excessive interest rates or engage in other misconduct.
“Starting this year, financial companies evading responsibility by disregarding customers’ profit or not recognizing the losses that they have to will face stern measures and even risk getting kicked out from the market,” Lee Bokhyun, the Financial Supervisory Service’s governor, said in a prepared statement Monday to address its 2024 agenda.