Lee Chan-jin, governor of the Monetary Supervisory Service (FSS), has ordered monetary firms to chorus from extreme advertising and marketing of overseas foreign money deposits and insurance coverage.
Lee held a market situation evaluate assembly on the FSS in Yeouido, Seoul on Jan. 13 and stated, “As overseas foreign money deposits and insurance coverage are growing, the danger of monetary client losses because of trade charge fluctuations can be rising,” and requested, “Please information monetary firms to chorus from extreme advertising and marketing and occasions by way of government conferences.”
He instructed, “Regardless of the upward development of KOSPI, abroad inventory funding and gross sales of overseas foreign money deposits and insurance coverage are growing because of imprecise expectations for the rise in abroad asset values,” and “Please strengthen preemptive investor safety by elevating consciousness of loss dangers because of trade charge fluctuations.”
Lee additionally requested, “Please pursue measures to induce buyers to return to the home capital market with out setbacks,” and “Please actively help the business in order that the Reshoring Funding Account (RIA) and particular person investor foreign money hedging merchandise presently being ready for launch could be commercialized as shortly as doable.” He added, “We are going to be sure that the inclusion within the World Authorities Bond Index (WGBI) scheduled for April proceeds with out setbacks and can actively help inclusion within the Morgan Stanley Capital Worldwide (MSCI) Developed Markets Index.”
