New Korean FSC chief eases rules to stabilise market

South Korea's new Financial Services Commission (FSC) chief said he would use all resources and cooperate with authorities for market stability. Kim Joo-hyun underscored mounting concerns that aggressive rate hikes by the US Federal Reserve will further dampen investor optimism. He underlined support for vulnerable groups, the ones who would be hit hardest by the Bank of Korea’s rate hikes this year, describing loans as the first step to help self-employed people, small business owners, and those fresh out of college. Kim added that the top financial policymaker would cut red tape, so the financial institutions are not outrivaled by their global peers because of bureaucratic delays. While he described the government as a troubleshooter, Kim said unnecessary regulation or something that unfairly discriminates against financial companies will be revisited.