IMF advises integrating Korea finance supervisors

A report from the International Monetary Fund (IMF) has advised South Korea that the Financial Supervisory Commission (FSC) and the Financial Supervisory Service (FSS) merge into a single organization, with the status of its chairman on par with the central bank governor.

In an office memorandum requested by Korea's Deputy Prime Minister Jin Nyum in Feb 2001, asking for advice on the government's plans to reform the supervisory bodies, the IMF said that merging the two would "reduce confusion