Korean, U.K. regulators discuss issues

Financial regulators from Korea and Britain discussed ways to expand cooperation in asset management and shared their views on aging societies, management of pension funds and the fourth industrial revolution.

Choi Jong-ku, head of Korea’s Financial Services Commission (FSC), met with Andrew Bailey, chief of the U.K.’s Financial Conduct Authority and Katharine Braddick, director general of financial services at the U.K. Treasury in central Seoul.

They held discussions on a wide range of issues such as consumer protection and enhancing financial soundness at an annual event dubbed the U.K.-Korea Financial Cooperation Forum.

The business segment was focused on asset management, according to the FSC.

“The U.K. expressed keen interest in facilitating market entrance of both countries’ asset managers and hoped to foster partnerships in that area,” said a spokesperson of the FSC.

In his opening speech, Chairman Choi said that Korea needs to emulate the advanced financial system of the U.K. and its advances in financial technology, or fintech.

“The U.K. has traditionally been a leader in finance and continues to lead in recent trends including fintech, which provides useful policy implications for Korea,” he said.

In a following session, the British visitors described various policy findings and ongoing projects. Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, introduced an initiative called the Ageing Population Project, which the agency launched in February 2016.

The project explores how a growing pool of older people will impact financial products and services.

Meanwhile, Choi touched upon a recent controversy over the regulator’s decision to grant Korea Investment & Securities the right to issue promissory notes, which triggered backlash from the banking industry.

“I understand the banks’ stance, but it is not proper,” he said.

“The regulator’s role is to ease regulations that get in the way of carrying out business, regardless of the industry sector.”

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]