The new chief of the Financial Supervisory Service said Monday he will set up an advisory body to enhance protection for consumers of financial products.

Choe Heung-sik, former president of Hana Financial Group, was appointed governor of the FSS last week, replacing Zhin Woong-seob.

In his inauguration speech, Choe said about half the members of the advisory body will come from civic organizations, universities and media organizations.
 

Choe said he will encourage the FSS to pursue "consumer-oriented financial supervision" by putting the financial regulator's focus on resolving consumer complaints over financial products.

The financial regulator has mapped out a plan to ease regulations on the financial industry by the end of this year in order to reinvigorate the sector, which has been suffering from slow growth.

The main goal is to ease restrictions and cut the red tape that has discouraged companies from making inroads into the financial sector.

Choe said the FSS will eliminate "unnecessary practices" but will deal sternly with irregular activities by financial firms. (Yonhap)