Overhaul of Korea's financial supervision begins

The government has taken the first step to streamlining the nation's financial supervisory system Dec 19, as a task force under the Planning and Budget Ministry put forward a set of proposals for the seemingly tough job.

The Financial Supervisory Service and its decision-making body, the Financial Supervisory Commission, have been widely credited for helping the nation ride out a foreign exchange crisis the resulting recession earlier than expected by focusing on structural reforms. However, a