The nominee for the nation's top financial regulator said Monday that the government should continue to reform regulations and lower the entry barrier to the financial sector to boost the dynamic of the industry.
Eun Sung-soo, President Moon Jae-in's nominee for the Financial Services Commission, made the remark in a report submitted to a parliamentary committee on national policy ahead of his confirmation hearing slated for Thursday.
Eun Sung-soo (Yonhap)
"Once a financial incident or scandal breaks out, supervision attracts attention and regulations get tighter. That vicious circle repeats itself, creating an environment in which it is hard to make creative and innovative attempts," he said.
"(We) should consistently push to reform regulations and lower the entry barrier in a way that they boost the financial sector's dynamic and foster competition," he added.
Eun cited "conservative" and "tightly knitted" regulations and supervision as a major challenge facing the financial sector, which he said needs to be addressed to accelerate innovation. (Yonhap)
