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[Alpha Biz= Kim Sangjin] Financial Supervisory Service to Collect 27.9 Billion KRW More in Supervisory Fees from Financial Firms This Year
The Financial Supervisory Service (FSS) will collect 27.9 billion KRW more in supervisory fees from financial firms this year compared to last year.
According to financial authorities on Wednesday, the Financial Services Commission (FSC) recently confirmed the FSS budget for this year, setting the supervisory fee at 330.8 billion KRW, an increase of 27.9 billion KRW from last year's amount.
Supervisory fees are payments that the FSS receives from financial firms in exchange for its supervisory services. The fees are calculated by multiplying each sector's share rate by the total liabilities, operating revenues, and other financial metrics of the firms.
The FSS budget primarily comes from the fees collected from financial firms and businesses. As the number of institutions subject to inspections increases each year, and the frequency of on-site inspections grows, the supervisory fees are also rising.
With the FSS set to collect an additional 30 billion KRW in supervisory fees this year, the financial industry's burden is expected to grow.
The FSS notifies each financial firm of their share of the supervisory fee, the calculation basis, and the payment method by March 15th each year.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
