Uncertainty looms on overhaul of financial bodies

It was widely expected that the FSC’s policy functions would be transferred to the Economy and Finance Ministry. — The Korea Herald

SEOUL: Although the Lee Jae Myung administration has appointed new heads of South Korea’s top financial regulators, it has yet to finalise its long-anticipated plan to reorganise these institutions.

On Wednesday, the presidential office nominated former first vice-finance minister Lee Eog-weon to lead the Financial Services Commission (FSC), filling a post that has been vacant since chairman Kim Byoung-hwan offered to resign in May.