The Financial Supervisory Service (FSS) has launched on-site inspections regarding the soundness of domestic savings banks, as many of them are showing signs of an increase in delinquency rates that are reaching worrying levels.
The Fair Trade Commission (FTC) and the Financial Supervisory Service (FSS) have decided to expand their partnership in supervising the internal control initiatives and contractual terms and conditions financial firms apply to their consumers through their products.
Regulatory authorities have come up with measures to prevent financial accidents and improve internal controls at savings banks, particularly in the areas of project financing (PF) loans, private business loans and capital management. The Financial Supervisory Service (FSS) announced the measures on Sunday, explaining that it recently formed a task force with the Korea Federation of Savings Banks as well as local savings banks to analyze past financial accident patterns and inspection results to draw up the measures.