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Restoring Financial Soundness in Korea

Recommendations from the International Monetary Fund (IMF) Mission Report

The recent report by an IMF mission to Korea provides valuable insights into enhancing financial soundness through improved supervision. In this article, we will summarize the key recommendations aimed at promoting a more robust regulatory environment and mitigating potential risks in the financial sector.

Enhancing Financial Conglomerate Supervision

The report suggests several measures to grant operational powers to the supervisor:

• Restricting Financial Products and Activities: Restrict the development or sale of financial products, activities, and practices causing significant investor, consumer, and depositor protection concerns.
• Developing Interagency Cooperation Framework: Led by the FSC/FSS/BOK on climate risk to discuss emerging risks and propose policy actions across the financial system.

Supporting Measures

To complement these recommendations, the report suggests:

• Listed in Appendix I (Supporting Measures)