Financial firms urged to bolster internal control systems

SEOUL, Dec. 11 (Yonhap) -- The financial watchdog has called for brokerages, futures and investment advisory firms to strengthen their internal control systems, after a series of blunders that raised concerns about the nation's stock trading system, officials said Tuesday.

The Financial Supervisory Service (FSS) said it held a meeting with executives at the financial firms on Monday during which they discussed about measures to address worries over internal control systems.

In October, the FSS unveiled measures to strengthen internal control systems at financial firms.

Under the measures, board members of financial firms must take more responsibility for internal control systems.

Financial firms should be required to review ethical issues when they pick executives, according to the FSS.

The role of officials responsible for monitoring companies' compliance with the law should be strengthened at small and medium-sized financial firms, the FSS said.

kdh@yna.co.kr
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