The head of South Korea’s top financial watchdog has vowed to ensure that the effects of financial reforms are genuinely felt by ordinary citizens and firms, saying that changes made a year ago had shifted the basic framework of regulatory compliance. 

Financial Services Commission(FSC) Chairman Yim Jong-yong made the comments on Friday in roundtable meetings with FSC officials and compliance officials from financial companies.

In April last year, the FSC and the Financial Supervisory Service(FSS) reformed policies that shifted their position from seeking compliance on regulations before carrying out various financial transactions and seeking compliance after deals are made. The latter was deemed to be less inhibitive to financial business.

Yim added that he would continue to increase communication with officials in the field, increase constant monitoring of financial regulations and offer regulatory consulting to firms.