FSC Vice Chairman’s press briefing on the measures to prevent Tong Yang incident

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Vice Chairman of the FSC, Jeong Chan-woo briefed the press on the measures to prevent cases like Tong Yang incident. Before the briefing, he made an apology to the victims of the incident that the financial authorities failed to prevent such incident from happening and put the innocent financial consumers in harms way. He said that the market-controlling instruments such as financial rules, supervision, and market principles didn’t function effectively.

Vice Chairman Jeong committed that the authorities will exert utmost efforts to keep the incident under control as soon as possible and minimize damage of the victims. At the same time he emphasized that the government will never tolerate unethical practices such as fraudulently selling financial products to naive consumers.

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