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FSSFinancial Supervisory Service

The Financial Supervisory Service (FSS) is South Korea's integrated financial supervisor, set up on 2 January 1999, and it supervises securities companies, futures companies, asset managers and investment advisory firms. Licensing itself sits with the Financial Services Commission (FSC): the FSS reviews applications and then examines and supervises the firm, so a Korean broker is licensed by the FSC and supervised by the FSS. Two facts matter most to a trader: the FSS publishes a searchable Financial Institutions Directory of 1,067 supervised institutions in English, and a firm that only files a quasi-investment-advisory notification is a different animal from a registered investment adviser, with no suitability or disclosure duties applied to its recommendations. Complaints go to the FSS free of charge, and a dispute mediation decision that both sides accept has the same effect as a court settlement.

Country
South Korea
Jurisdiction
Government Reg.
Established in
1999
License search is not available for this regulator
79
Overall Rating
13
Licensed Brokers
High
Transparency Index
Tier 2
Global Tier
IOSCO Member
FATF Member
The regulator
Updated

About FSS

The Financial Supervisory Service (FSS) is South Korea's integrated financial supervisor, set up on 2 January 1999, and it supervises securities companies, futures companies, asset managers and investment advisory firms. Licensing itself sits with the Financial Services Commission (FSC): the FSS reviews applications and then examines and supervises the firm, so a Korean broker is licensed by the FSC and supervised by the FSS. Two facts matter most to a trader: the FSS publishes a searchable Financial Institutions Directory of 1,067 supervised institutions in English, and a firm that only files a quasi-investment-advisory notification is a different animal from a registered investment adviser, with no suitability or disclosure duties applied to its recommendations. Complaints go to the FSS free of charge, and a dispute mediation decision that both sides accept has the same effect as a court settlement.

Tier 2
Brokers on the record
13
Compensation cap
None
Retail leverage cap
1:25
Cost of a licence
USD 100,000+

The Financial Supervisory Service (FSS) was established on January 2, 1999, as Korea’s fully consolidated supervisory authority in accordance with the Act on the Establishment of Financial Supervisory Organizations (the β€œEstablishment Act”), which the National Assembly passed on December 29, 1997. The Establishment Act established the FSS as a specially legislated quasi-government supervisory authority, with responsibility for financial supervision across the entire financial sector.

Background before Establishment

Before establishing the FSS, financial supervision in Korea took place through four separate sectoral authorities, while the Ministry of Finance had a significant overarching supervisory role:

β€’ Within the banking sector, the Office of Banking Supervision (under the Bank of Korea) examined commercial banks and foreign bank branches. At the same time, the Ministry of Finance oversaw government-affiliated policy banks and nonbank credit institutions.

β€’ Supervision of the securities sector was shared by the Securities Supervisory Board jointly with the Ministry of Finance.

β€’ The same held for the insurance sector - supervision was shared between the Insurance Supervisory Board and the Ministry of Finance.

β€’ Supervision of other nonbank financial companies was generally divided between the Ministry of Finance and the Bank of Korea.

FSS established

The passing of the Establishment Act ended these fragmented approaches to supervision by combining each of these supervisory responsibilities under the FSS and establishing a single integrated authority for performing the broad task of financial supervision across all sectors.

On the record

Established
1999
Country
South Korea
Oversight
Government body
Membership
IOSCO and FATF member
Transparency
High
Public register
Published
Website
fss.or.kr
Phone
'+82-2-785-3475
Protection check

What a licence from FSS protects

No compensation scheme is recorded for firms licensed by FSS; a dispute a firm will not settle can go to Disputes Mediation Committee.

3 facts on record
  • No compensation schemeNo mandatory insurance (but strict fund segregation)
  • Complaints routeDisputes Mediation Committee
  • Maximum leverage1:25

What is protected

Protection here works mainly through conduct rules, examination and dispute mediation rather than a single payout fund named in the documents read. A registered investment adviser is a financial company subject to FSS examination, to the prohibition on improper solicitation, the duty to explain, and suitability and appropriateness principles, and to advertising rules and a duty to hand over a contract. A notified quasi-investment-advisory operator is not a financial company for these purposes, faces only limited FSS examination where reporting or data submission duties are breached, and is not subject to the solicitation rules, although it is barred from holding or taking custody of client money and securities, from lending money or securities, and from front running.

How to verify a licence

Start with the FSS Financial Institutions Directory in English at https://www.fss.or.kr/eng/sprvise/instt/list.do?menuNo=400029. It lists 1,067 FSS-supervised institutions and can be filtered by category, including Securities Companies, Futures Companies, Investment Advisory Companies and Asset Management Companies, then browsed A to Z or by page. Find the firm's exact legal name in the category it claims to operate in, and compare the telephone number and homepage shown against what the firm gave you. Second, open the FSS licence status board for financial investment business entities at https://www.fss.or.kr/fss/bbs/B0000101/list.do?menuNo=200129, which carries a summary table of dealing and brokerage licences by licence unit stated as current at 30 June 2026, so you can see which licence units a firm actually holds. The FSS also points consumers to its own financial consumer information portal FINE for the regulated-financial-company lookup and for the separate list of notified quasi-investment-advisory operators. Finally, check the FSS Investor Alert List at https://www.fss.or.kr/fss/main/contents.do?menuNo=200210, which names foreign companies reported to the FSS that are not registered or authorised with the FSC or the FSS.

Official website

How to complain

Complaints go to the FSS Financial Consumer Complaint Centre, by internet, post to 38 Yeoui-daero, Yeongdeungpo-gu, Seoul 07321, or fax (02) 3145-8548 to 8549, with the call centre on 1332. The FSS states a processing period of 30 days for dispute mediation complaints and 14 days for other financial complaints, excluding time needed for document completion and fact-finding, and excluding Saturdays and public holidays. If the parties do not reach agreement within 30 days of the mediation request, the case is referred to the Financial Disputes Settlement Committee, which decides within 60 days of referral by majority vote. A mediation decision is notified immediately and becomes final if a party submits a signed acceptance within 20 days; both sides accepting gives it the same effect as a court settlement, enforceable without separate litigation. If either side refuses, the case can go to court, and the committee may grant litigation support where it finds the financial company's action clearly improper.

These are the rules FSS sets for the firms it licenses, read from its own record. They say nothing about how any one broker applies them, or which of its companies would hold your account; that is checked on each broker's own page.
Licensing terms

Getting licensed by FSS

A licence from FSS costs USD 100,000+ to obtain on the record.

USD 100,000+
Licence types
Financial Investment Business Licence
Business models allowed
Retail Agency (STP); Market Maker (Principal); Provide Liquidity (PoP)
Cost to obtain
USD 100000+
Coverage
South Korea - Asia - limited global
Not served
USA - North Korea - Iran - other sanctioned countries
From the documents
Reviewed

What FSS's own documents say

15 facts read from 10 official documents published by FSS, each quoted and linked to its source.

15 facts

Jurisdiction and scope

The FSS covers financial business in South Korea across banking, small and medium finance, insurance, financial investment and other sectors. For a trader, the financial investment sector list is the relevant one: securities companies, Korean branches of foreign securities companies, futures companies, credit rating companies, asset management companies, investment advisory companies, trust companies, online small-amount investment brokers and others. The FSS also states which bodies are outside its examination remit and names the responsible ministry instead: post offices and telecommunications billing service providers (Ministry of Science and ICT), Korean Federation of Community Credit Cooperatives (Ministry of the Interior and Safety), transport mutual aid schemes (Ministry of Land, Infrastructure and Transport), moneylenders registered with a city or province (that local government), and multi-level and door-to-door sellers (Korea Fair Trade Commission).

Using this regulator

Confirm the firm's exact legal name in the FSS Financial Institutions Directory under the category it claims, then check the licence unit summary table on the FSS licence status board before you fund an account. Ask which of the six financial investment services the firm is authorised for: dealing and brokerage are authorisations, while investment advisory and discretionary investment are registrations, and the minimum capital behind them differs by a factor of fifteen. If a service sells stock picks to a general audience, check whether it is a registered investment adviser or a notified quasi-investment-advisory operator, because one-to-one investment advice, sale of automated trading programs, taking money beyond the fee for stock recommendations and taking brokerage commissions all appear on the FSS reporting page for quasi-advisory operators. Never hand money or securities to an advisory service for safekeeping: custody is prohibited for quasi-advisory operators. Keep the 1332 call centre number and note the 20-day window to accept a mediation decision, since silence counts as refusal.

Good to know

No FSS fee schedule for supervisory levies was located on www.fss.or.kr, so no annual supervisory fee figure is stated. No investor compensation or guarantee scheme rules were found on the FSS domain: depositor protection in Korea is administered by a separate body, and nothing on the FSS pages read set out a per-client compensation cap, so no cap is reported. No retail leverage or margin cap was found on the FSS pages read. The regulated-financial-company lookup and the quasi-advisory operator lookup are served from the FSS FINE portal, which sits on a different host from www.fss.or.kr, so citations here use www.fss.or.kr pages only. Prior copies exist for three of the four corpus documents, all Internet Archive captures of 20 January 2026.

Key facts

KeyVerifying a licence

Directory of 1,067 supervised institutions searchable in English

1,067

A trader outside Korea can confirm a broker's exact legal name, category and contact details in one place without reading Korean, and a firm that is absent from the category it claims to operate in is worth a direct question before any money moves.

The FSS Financial Institutions Directory lists 1,067 supervised institutions in English, filterable by category including Securities Companies, Futures Companies, Investment Advisory Companies and Asset Management Companies, with each entry showing the institution's name, homepage and telephone number.

Total 1067 case
QuotedRead the source
Futures Companies Securities Companies Asset Management Companies Credit Rating Companies Money Brokerage Companies Fund Rating Companies Investment Advisory Companies
QuotedRead the source
κΈˆκ°μ› β€˜νŒŒμΈβ€™ β†’ β€˜μ œλ„κΆŒκΈˆμœ΅νšŒμ‚¬μ‘°νšŒβ€™
QuotedRead the source

Where in the document: Financial Institutions Directory, category filter and result count

  • public register
  • license verification
  • securities companies
KeyKey definitions

Registered adviser and notified quasi-adviser are different statuses

Many stock-picking and signal services in Korea hold only a notification, which carries no suitability duty, no duty to explain and no advertising rules on what they tell you. Knowing which status a service holds tells a trader what recourse exists if the recommendations go wrong.

The FSS comparison table states that an investment adviser registers with the FSC subject to capital, major shareholder and professional staffing requirements, while a quasi-investment-advisory operator files a notification with the FSC or FSS and may start business on a simple notification if no disqualification applies. The registered adviser is subject to FSS examination, while the quasi-advisory operator is subject to limited FSS examination where reporting or data submission duties are breached, and solicitation rules are not applied to it.

κΈˆμœ΅μœ„(κΈˆκ°μ›)μ‹ κ³  *κ²°κ²©μš”κ±΄ λ―Έν•΄λ‹Ήμ‹œ λ‹¨μˆœ μ‹ κ³  ν›„ μ˜μ—…κ°€λŠ₯
QuotedRead the source
κΈˆκ°μ› μ œν•œμ  검사(보고, 자료제좜의무 μœ„λ°˜μ‹œ)
QuotedRead the source
μœ μ‚¬νˆ¬μžμžλ¬Έμ—…μ„ μ˜μœ„ν•˜κΈ° μœ„ν•΄μ„œλŠ” κΈˆμœ΅κ°λ…μ›μ— μ‹ κ³ ν•˜μ—¬μ•Ό ν•©λ‹ˆλ‹€.
QuotedRead the source

Where in the document: 등둝 μ‹ μ²­ μ•ˆλ‚΄, κ°œμš”: νˆ¬μžμžλ¬Έμ—…μž/μœ μ‚¬νˆ¬μžμžλ¬Έμ—…μž 비ꡐ

  • retail clients
  • scope of authorisation
  • investment advice
KeyHow to complain

Mediation committee decides within 60 days of referral

60 days

A trader can plan around a known timetable instead of an open-ended wait: roughly a month of direct handling, then a committee decision inside two more months, before any decision about going to court.

μ‘°μ •μœ„μ›νšŒλŠ” μ•ˆκ±΄μ΄ νšŒλΆ€λœ λ‚ λ‘œλΆ€ν„° 60일 이내에 이λ₯Ό μ‹¬μ˜ν•˜μ—¬ 쑰정결정을 ν•˜λ©°, ꡬ성원 과반수의 μΆœμ„κ³Ό μΆœμ„μœ„μ› 과반수의 μ°¬μ„±μœΌλ‘œ μ˜κ²°ν•©λ‹ˆλ‹€.
Quoted in λΆ„μŸμ‘°μ • 절차 μ•ˆλ‚΄Read the source
Consumer complaint is referred to the FDSC when the parties involved are unable to reach an agreement within 30 days from the day the request for mediation was submitted.
Quoted in Consumer Complaint Mediation | Consumer Protection | SupervisionRead the source

Where in the document: λΆ„μŸμ‘°μ • 절차 μ•ˆλ‚΄, μ‘°μ •μœ„μ›νšŒ μ‹¬μ˜Β·μ˜κ²°

  • complaint deadline
  • dispute mediation
KeyWhat is protected

Accepted mediation carries the force of a court settlement

20 days

This turns a free complaint into an enforceable outcome, so a trader who wins mediation does not need to sue to be paid. The other edge of the same rule matters just as much: accepting closes the courtroom door, and letting the 20 days lapse counts as saying no.

A mediation decision is notified to the parties immediately and becomes final if a party signs and submits an acceptance within 20 days of notification, with silence treated as refusal. Where both sides accept, the FSS states the outcome has the same effect as a judicial settlement and can be enforced on the mediation document without separate litigation, and the matter cannot be litigated again.

μ‘°μ •κ²°μ •μ˜ λ‚΄μš©μ€ μ¦‰μ‹œ λ‹Ήμ‚¬μžμ—κ²Œ ν†΅λ³΄λ˜λ©°, λ‹Ήμ‚¬μžκ°€ 톡보λ₯Ό 받은 λ‚ λ‘œλΆ€ν„° 20일 이내에 μ‘°μ •κ²°μ •μˆ˜λ½μ„œμ— κΈ°λͺ…ν•˜κ³  λ‚ μΈν•˜μ—¬ μ œμΆœν•˜λ©΄ 쑰정이 μ„±λ¦½λ©λ‹ˆλ‹€. 이 경우 λ‹Ήμ‚¬μžκ°€ 20일 이내에 μ‘°μ •μ•ˆμ„ μˆ˜λ½ν•˜μ§€ μ•ŠμœΌλ©΄ μ‘°μ •μ•ˆμ„ μˆ˜λ½ν•˜μ§€ μ•Šμ€ κ²ƒμœΌλ‘œ λ΄…λ‹ˆλ‹€.
Quoted in λΆ„μŸμ‘°μ •μ˜ 효λ ₯Read the source
λ‹Ήμ‚¬μž 쌍방이 μ‘°μ •κ²°μ • λ‚΄μš©μ„ μˆ˜λ½ν•˜μ—¬ 쑰정이 μ„±λ¦½λ˜λ©΄ μž¬νŒμƒ 화해와 λ™μΌν•œ 효λ ₯을 κ°€μ§€κ²Œ 되고, μ΄λ ‡κ²Œ ν™•μ •λœ μ‘°μ •κ²°μ • λ‚΄μš©μ„ μ–΄λŠ 일방이 μ΄ν–‰ν•˜μ§€ μ•Šμ„ κ²½μš°μ—λŠ” λ³„λ„μ˜ μ†Œμ†‘μ ˆμ°¨ 없이 μ‘°μ •μ„œλ₯Ό 근거둜 κ°•μ œμ§‘ν–‰μ΄ κ°€λŠ₯ν•©λ‹ˆλ‹€.
Quoted in λΆ„μŸμ‘°μ •μ˜ 효λ ₯Read the source
Unlike arbitration, the FDSC recommendation is not legally binding, and adjudication through the court is still available to consumers and financial institutions.
Quoted in Consumer Complaint Mediation | Consumer Protection | SupervisionRead the source

Where in the document: λΆ„μŸμ‘°μ •μ˜ 효λ ₯, 쑰정이 μ„±λ¦½λ˜λŠ” 경우

  • retail clients
  • enforcement
  • dispute mediation
KeyScope of authorisation

FSC licenses the firm, FSS supervises it

6

A firm claiming to be FSS licensed is describing the arrangement loosely: the authorisation comes from the FSC, and the FSS examines and supervises. It also means permission is granted service by service, so a firm authorised for brokerage is not automatically permitted to manage your money on a discretionary basis.

The FSS states that under Korea's two-tier system the FSC has primary responsibility for rulemaking and licensing while the FSS conducts prudential supervision, capital market supervision, consumer protection and enforcement delegated by the FSC. Capital markets activity is split into six financial investment services (dealing, brokerage, collective investment schemes, investment advisory, discretionary investment and trust services) plus crowdfunding brokerage, and a firm needs the matching authorisation or approval from the FSC or FSS for each service it carries on.

As a result of the two-tier system created by the law, the FSC assumes the primary responsibility for rulemaking and licensing while the FSS principally conducts prudential supervision, capital market supervision, consumer protection, and other oversight and enforcement activities as delegated or charged by the FSC.
Quoted in History | Who We Are | About FSSRead the source
Financial services firms may engage in one or more of the six financial investment services businesses with the appropriate regulatory authorization/approval from the FSC/FSS.
QuotedRead the source

Where in the document: History (About FSS); Financial Investment Services Providers

  • scope of authorisation
  • licence categories
KeyVerifying a licence

Investor Alert List names foreign firms not registered in Korea

Several listed entries use prestigious Seoul office addresses such as the Gangnam Finance Center and the International Finance Center, so a smart-looking Korean address proves nothing. Checking a firm's name and website against this list takes a minute and complements the directory search.

The FSS publishes an Investor Alert List of foreign companies reported to it since January 2008 by overseas financial authorities and investors. The page states that these companies are not registered with, and hold no authorisation from, the FSC or the FSS, and lists each one with its claimed Seoul address, telephone number, website and the month it was posted.

이듀은 κΈˆμœ΅μœ„μ›νšŒλ‚˜ κΈˆμœ΅κ°λ…μ›μ— λ“±λ‘λ˜μ–΄ μžˆμ§€ μ•Šκ±°λ‚˜ μΈν—ˆκ°€λ₯Ό 받지 μ•Šμ•˜μœΌλ―€λ‘œ νˆ¬μžμžλŠ” 이듀 νšŒμ‚¬μ™€ κ±°λž˜μ‹œ κ°λ³„ν•œ 주의λ₯Ό μš”ν•©λ‹ˆλ‹€.
QuotedRead the source

Where in the document: 투자자 주의 λŒ€μƒ μ™Έκ΅­νšŒμ‚¬, νˆ¬μžμ£Όμ˜νšŒμ‚¬ λͺ©λ‘(Investor Alert List)

  • license verification
  • cross border
  • investor alert

More facts, by topic

Licence unit tables are published as at 30 June 2026171 items sit on the FSS licence status board for financial investment business entities, including summary tables of dealing and brokerage authorisations by licence unit and of collective investment authorisations, both stated as current at 30 June 2026. Licence unit detail is what separates a firm permitted to serve retail clients across derivatives from one limited to a narrower asset range. Individual authorisation notices for named firms, including Korean branches of foreign firms, are on the same board.1 fact
UsefulPublic register

Licence status board holds 171 items updated to June 2026

171

These tables show which licence units a firm holds, which is the level of detail that separates a broker permitted to serve retail clients in derivatives from one permitted only for a narrower asset range. The board also records individual authorisation notices for named firms, including Korean branches of foreign firms.

The FSS licence status board for financial investment business entities carries 171 items, including a summary table of dealing and brokerage licences by licence unit stated as current at 30 June 2026, and a table of collective investment and fund distribution authorisations and registrations on the same date.

νˆ¬μžλ§€λ§€μ—… 및 νˆ¬μžμ€‘κ°œμ—… μΈκ°€λ‹¨μœ„λ³„ μ’…ν•©ν‘œ('26.6.30 ν˜„μž¬)
QuotedRead the source
μ§‘ν•©νˆ¬μžμ—… 및 μ§‘ν•©νˆ¬μžμ¦κΆŒ νˆ¬μžλ§€λ§€μ—… Β· νˆ¬μžμ€‘κ°œμ—… 인가 Β· 등둝 ν˜„ν™©('26.6.30. ν˜„μž¬)
QuotedRead the source

Where in the document: κΈˆμœ΅νˆ¬μžμ—…μž μΈκ°€ν˜„ν™©, board listing

  • public register
  • licence categories
A quasi-advisory operator may not hold client money or securitiesCustody of money and securities, lending money or securities, and front running are all prohibited for notified quasi-investment-advisory operators, which is the part of the adviser conduct regime the FSS applies to them. A tip or signal service asking a client to deposit funds or shares is acting outside that. Registered advisers, by contrast, carry the full conduct set including the duty to explain and the suitability principle.1 fact
UsefulClient-money rules

Quasi-advisory operators may not hold client money or securities

A stock-tip or signal service in Korea has no business asking a client to deposit funds or shares with it, or lending either. A request of that kind is a plain sign the service is stepping outside what its notification permits.

The FSS comparison table states that part of the investment adviser conduct regime is applied to quasi-investment-advisory operators, specifically the prohibition on holding or taking custody of money and securities, the prohibition on lending money or securities, and the prohibition on front running.

κΈˆμ „β€§μ¦κΆŒ λ“±μ˜ λ³΄κ΄€β€§μ˜ˆνƒ κΈˆμ§€, κΈˆμ „β€§μ¦κΆŒ λ“±μ˜ λŒ€μ—¬ κΈˆμ§€, 선행맀맀 κΈˆμ§€ λ“±
QuotedRead the source
λΆ€λ‹ΉκΆŒμœ κΈˆμ§€, μ„€λͺ…μ˜λ¬΄, 적합성/적정성 원칙 λ“±
QuotedRead the source

Where in the document: 등둝 μ‹ μ²­ μ•ˆλ‚΄, κ°œμš”: λΉ„κ΅ν‘œ, κΈˆμ§€ν–‰μœ„

  • client money
  • segregation
  • investment advice
30 days with the FSS, then a committee decision within 60 daysThe FSS states 30 days for dispute mediation complaints and 14 days for other complaints, excluding time for document completion and fact-finding. If no agreement is reached within 30 days of the mediation request, the case goes to the Financial Disputes Settlement Committee, which decides within 60 days of referral. Filing is free and possible online, by post to the Financial Complaint Centre in Seoul, or by fax.1 fact
UsefulHow to complain

FSS states 30 days for dispute complaints, 14 for others

14 days

This is the published expectation for a first answer and the exact ways to lodge a complaint, including the postal address for a trader who cannot use the Korean online form. Progress and outcome are checked online under My Complaints, and a written reply has to be requested from the case handler.

The FSS gives a processing period of 30 days for dispute mediation complaints and 14 days for other financial complaints, and states that time needed for document completion and fact-finding, plus Saturdays and public holidays, is excluded, so the actual period can run longer. Complaints can be filed online, by post to the Financial Complaint Centre at 38 Yeoui-daero, Yeongdeungpo-gu, Seoul, by fax on (02) 3145-8548 to 8549, or in person on weekdays from 09:00 to 18:00.

μ²˜λ¦¬κΈ°κ°„ : κΈˆμœ΅λ―Όμ› μ²˜λ¦¬κΈ°κ°„μ€ λΆ„μŸμ‘°μ • 민원은 30일, 기타 κΈˆμœ΅λ―Όμ›μ€ 14일 이내이며 μ„œλ₯˜λ³΄μ™„, 사싀관계쑰사 등에 ν•„μš”ν•œ μ‹œκ°„ 및 곡휴일, ν† μš”μΌμ€ μ²˜λ¦¬κΈ°κ°„μ—μ„œ μ œμ™Έλ˜μ–΄ μ‹€μ œ μ†Œμš” 기간은 λ‹€μ†Œ μ—°μž₯될 수 μžˆμŠ΅λ‹ˆλ‹€.
Quoted in κΈˆμœ΅λ―Όμ›μ‹ μ²­ μ•ˆλ‚΄Read the source
(07321) μ„œμšΈνŠΉλ³„μ‹œ μ˜λ“±ν¬κ΅¬ μ—¬μ˜λŒ€λ‘œ 38 κΈˆμœ΅λ―Όμ›μ„Όν„°
Quoted in κΈˆμœ΅λ―Όμ›μ‹ μ²­ μ•ˆλ‚΄Read the source

Where in the document: κΈˆμœ΅λ―Όμ›μ‹ μ²­ μ•ˆλ‚΄, μ²˜λ¦¬κΈ°κ°„ and 신청방법

  • complaint deadline
  • complaint route
Two full-time investment managers and a conflicts system are requiredTwo full-time investment managers are required for a discretionary investment registration, and at least one full-time investment solicitation adviser for advisory work, evidenced by qualification certificates and employment records. Officer and major shareholder eligibility, sound management and social credit, and internal control standards with information barriers are all separately tested. The FSS also runs a pre-application consultation service before the filing goes to the FSC.2 facts
UsefulLicensing requirements

Discretionary registration requires two full-time investment managers

2

These are the qualified-people and internal-control tests behind a Korean registration, evidenced by certificates from the Korea Financial Investment Association and employment records. A firm that cannot say who its licensed managers are is describing something other than a registered discretionary business.

The FSS registration checklist requires an investment advisory firm to have at least one full-time registered investment solicitation adviser and a discretionary investment firm at least two full-time investment managers, with a firm doing both needing all three. Other tested requirements cover corporate form, officer eligibility, sound management and social credit, major shareholder eligibility and a conflict-of-interest system with internal control standards and information barriers.

νˆ¬μžμžλ¬Έμ—… : 상근 μž„μ§μ›μΈ 투자ꢌ유자문인λ ₯ 1인 이상 νˆ¬μžμΌμž„μ—… : 상근 μž„μ§μ›μΈ 투자운용인λ ₯ 2인 이상 νˆ¬μžμžλ¬Έμ—…, νˆ¬μžμΌμž„μ—… : μœ„μ˜ 인λ ₯을 λͺ¨λ‘(3인) κ°–μΆœ 것
QuotedRead the source
κΈˆμœ΅νˆ¬μžμ—…μžμ™€ 투자자 κ°„, νŠΉμ • νˆ¬μžμžμ™€ λ‹€λ₯Έ 투자자 κ°„μ˜ 이해상좩을 λ°©μ§€ν•˜κΈ° μœ„ν•œ λ‹€μŒμ˜ 체계λ₯Ό κ°–μΆœ 것 1. 이해상좩방지λ₯Ό μœ„ν•œ λ‚΄λΆ€ν†΅μ œκΈ°μ€€ 2. 정보ꡐλ₯˜μ˜ 차단을 μœ„ν•œ μ μ ˆν•œ 체계
QuotedRead the source

Where in the document: μš”κ±΄ 및 μ œμΆœμ„œλ₯˜, 전문인λ ₯ μš”κ±΄

  • licensing requirements
  • fit and proper
  • internal controls
ContextLicensing requirements

FSS offers pre-application consultation before a licence filing

The published route confirms who does what when a Korean firm seeks permission: the application is filed with the FSC and reviewed by the FSS. A firm that says it has an application in progress has not yet been authorised, and the FSS boards show the authorisation notice only once it is granted.

The FSS runs a pre-consultation service, S.T.A.R.T, before an authorisation application is filed, stating that it holds pre-consultation so that the review can proceed smoothly. Its published process shows the pre-consultation stage with the FSS, then the application filed with the FSC, document review and referral to the FSS, FSS review, and the FSS sending its opinion back.

κΈˆμœ΅κ°λ…μ›μ€ μΈν—ˆκ°€ μ‹ μ²­ μ ‘μˆ˜ μ „ μ›ν™œν•œ 심사 진행을 μœ„ν•˜μ—¬ μ‚¬μ „ν˜‘μ˜λ₯Ό μ§„ν–‰ν•˜κ³  μžˆμŠ΅λ‹ˆλ‹€.
QuotedRead the source
λ“±λ‘μ‹¬μ‚¬μ˜λ’° κΈˆμœ΅μœ„β†’κΈˆκ°μ› 등둝심사 및 μ˜κ²¬μ†‘λΆ€ κΈˆκ°μ›β†’κΈˆμœ΅μœ„ 등둝곡고 및 거뢀톡보 κΈˆμœ΅μœ„β†’μ‹ μ²­νšŒμ‚¬
QuotedRead the source

Where in the document: μΈν—ˆκ°€ μ‚¬μ „ν˜‘μ˜(S.T.A.R.T), μΈΒ·ν—ˆκ°€/등둝 ν”„λ‘œμ„ΈμŠ€

  • licensing requirements
  • application process
Post offices, community credit cooperatives and local moneylenders sit elsewhereFive groups are named on the FSS complaint page as outside its examination remit, each with the ministry or local government to contact instead. The financial investment sector the FSS does handle covers securities companies, Korean branches of foreign securities companies, futures companies, asset managers and investment advisory companies. Checking which list a counterparty falls in before filing saves a wasted complaint.1 fact
UsefulJurisdiction and limits

Some financial bodies sit outside FSS examination

If the counterparty falls in one of these groups, an FSS complaint is not the route and the clock starts again elsewhere. The financial investment list the FSS does handle includes securities companies, Korean branches of foreign securities companies, futures companies, asset managers and investment advisory firms.

The FSS complaint guide states that certain institutions are not subject to FSS examination and directs consumers to the responsible authority instead: post offices and telecommunications billing providers to the Ministry of Science and ICT, community credit cooperatives to the Ministry of the Interior and Safety, transport mutual aid schemes to the Ministry of Land, Infrastructure and Transport, moneylenders registered with a city or province to that local government, and multi-level and door-to-door sellers to the Korea Fair Trade Commission.

μ•„λž˜ 기관은 κΈˆμœ΅κ°λ…μ› κ²€μ‚¬λŒ€μƒκΈ°κ΄€μ΄ μ•„λ‹ˆλ―€λ‘œ, μ†Œκ΄€λΆ€μ²˜λ‘œ λ¬Έμ˜ν•˜μ—¬ μ£Όμ‹œκΈ° λ°”λžλ‹ˆλ‹€.
Quoted in κΈˆμœ΅λ―Όμ›μ‹ μ²­ μ•ˆλ‚΄Read the source
μ¦κΆŒνšŒμ‚¬, μ™Έκ΅­μ¦κΆŒνšŒμ‚¬ ꡭ내지점, μ„ λ¬ΌνšŒμ‚¬, μ‹ μš©ν‰κ°€νšŒμ‚¬, μ±„κΆŒν‰κ°€νšŒμ‚¬, (μ „μ—…)μ§‘ν•©νˆ¬μžκΈ°κ΅¬ν‰κ°€νšŒμ‚¬, λΆ€λ™μ‚°νˆ¬μžνšŒμ‚¬(CRREITs λ“±), μ’…κΈˆμ‚¬, μžκΈˆμ€‘κ°œΒ·μ™Έκ΅­ν™˜μ€‘κ°œνšŒμ‚¬, μžμ‚°μš΄μš©νšŒμ‚¬, νˆ¬μžμžλ¬ΈνšŒμ‚¬
Quoted in κΈˆμœ΅λ―Όμ›μ‹ μ²­ μ•ˆλ‚΄Read the source

Where in the document: κΈˆμœ΅λ―Όμ›μ‹ μ²­ μ•ˆλ‚΄, μœ μ˜μ‚¬ν•­ and λ―Όμ›λŒ€μƒ κΈˆμœ΅νšŒμ‚¬ λͺ©λ‘

  • scope of authorisation
  • complaint route
  • jurisdiction
Minimum capital runs from 100 million to 1.5 billion KRW1.5 billion KRW is the minimum equity capital for a discretionary investment registration serving general investors, against 500 million KRW where only professional investors are served, and 250 million or 100 million KRW for the two investment advisory licence units. The figures come from the FSS registration guide's capital requirement row and are tested against three years of audited financial statements.1 fact
UsefulCost to get licensed

Discretionary investment registration needs 1.5 billion KRW capital

KRW 1,000,000,000

The figures show how much thinner the capital behind an advisory firm can be than behind a firm that manages retail money on a discretionary basis, a difference of fifteen times. A trader can also match the licence unit a firm quotes against the investor type and asset range it is allowed to serve.

The FSS registration guide sets the statutory minimum equity capital by licence unit: investment advisory 100 million KRW (unit 5-21-1) or 250 million KRW (unit 5-1-1), and discretionary investment 500 million KRW for professional investors only (unit 6-1-2) or 1.5 billion KRW where general investors are served (unit 6-1-1).

법정 μ΅œμ†Œ μžκΈ°μžλ³Έμ„ μΆ©μ‘±ν•  것 νˆ¬μžμžλ¬Έμ—… : 1얡원(5-21-1), 2.5얡원(5-1-1) νˆ¬μžμΌμž„μ—… : 5얡원(6-1-2), 15얡원(6-1-1)
QuotedRead the source
6-1-1 νˆ¬μžμΌμž„μ—… 증ꢌ, μž₯λ‚΄νŒŒμƒμƒν’ˆ, μž₯μ™ΈνŒŒμƒμƒν’ˆ 및 제6쑰의2 각 ν˜Έμ— λ”°λ₯Έ νˆ¬μžλŒ€μƒμžμ‚° 일반투자자 및 μ „λ¬Ένˆ¬μžμž 15
QuotedRead the source

Where in the document: μš”κ±΄ 및 μ œμΆœμ„œλ₯˜, 자기자본 μš”κ±΄

  • licence fee
  • minimum capital
  • registration
One supervisor since 1999, with a reward for reporting adviser misconduct2 January 1999 is the FSS's establishment date, formed by merging four sector supervisors, with a stated purpose that includes protecting depositors and investors. One body therefore examines banks, insurers, asset managers and brokers through the same channel. The FSS also pays up to 2 million KRW for a reviewed report of quasi-advisory conduct such as one-to-one advice, automated trading program sales or refused refunds.2 facts
UsefulOther useful facts

Reports on quasi-advisory conduct can earn 2 million KRW

KRW 2,000,000

The list doubles as a checklist of what a notified quasi-advisory operator is not supposed to be doing, so a trader can recognise the behaviour and has a defined channel, with evidence attached, when it happens.

The FSS reporting page for quasi-investment-advisory harm operates a reward scheme paying a successful reporter, after review, up to 2 million KRW.

μ‹ κ³ μžμ— λŒ€ν•΄μ„œλŠ” 심사λ₯Ό 거쳐 μ΅œλŒ€ 2λ°±λ§Œμ›μ˜ ν¬μƒκΈˆμ΄ μ§€κΈ‰λ©λ‹ˆλ‹€.
QuotedRead the source
μ „ν™” λ˜λŠ” 문자λ₯Ό ν†΅ν•œ 1λŒ€1 투자자문 μžλ™λ§€λ§€ ν”„λ‘œκ·Έλž¨ 판맀 μ’…λͺ©μΆ”μ²œμ— λŒ€ν•œ λŒ€κ°€ μ΄μ™Έμ˜ κΈˆμ „ 수취 주식 맀맀 μ€‘κ°œλ£Œ 수취
QuotedRead the source

Where in the document: μœ μ‚¬νˆ¬μžμžλ¬Έ ν”Όν•΄μ‹ κ³ , μ‹ κ³ ν¬μƒμ œλ„ 운영

  • retail clients
  • reporting
  • investment advice
ContextOther useful facts

FSS was formed in 1999 from four predecessor supervisors

The single-supervisor structure means one body examines banks, insurers, asset managers and brokers, so the same complaint channel and the same examination powers reach a securities firm and its parent group.

The FSS was established on 2 January 1999 by merging the former Office of Bank Supervision, Securities Supervisory Board, Insurance Supervisory Board and Non-Bank Supervisory Authority under the Act on the Establishment of Financial Supervisory Organizations, enacted 31 December 1997, and took its present form under the Act on the Establishment of the Financial Services Commission as amended on 29 February 2008. Its stated purpose includes protecting depositors, investors and other financial consumers.

κΈˆμœ΅κΈ°κ΄€μ— λŒ€ν•œ 검사·감독업무 λ“±μ˜ μˆ˜ν–‰μ„ ν†΅ν•˜μ—¬ κ±΄μ „ν•œ μ‹ μš©μ§ˆμ„œμ™€ κ³΅μ •ν•œ κΈˆμœ΅κ±°λž˜κ΄€ν–‰μ„ ν™•λ¦½ν•˜κ³  예금자 및 투자자 λ“± κΈˆμœ΅μˆ˜μš”μžλ₯Ό λ³΄ν˜Έν•¨μœΌλ‘œμ¨ ꡭ민경제의 λ°œμ „μ— 기여함
Quoted in μ„€λ¦½μ•ˆλ‚΄Read the source
The Financial Supervisory Service (FSS) was established on January 2, 1999, as Korea's fully integrated supervisory authority under the Act on the Establishment of Financial Supervisory Organizations (the "Establishment Act") that the National Assembly approved on December 29, 1997.
Quoted in History | Who We Are | About FSSRead the source

Where in the document: μ„€λ¦½μ•ˆλ‚΄, 섀립λͺ©μ ; History (About FSS)

  • mandate
  • establishment

10 documents examined

Show 4 more documents
Read by Wikilix from FSS's published documents; every fact links to the page or file it came from.Last reviewed
Licensed brokers

Brokers licensed by FSS

13 brokers on the Wikilix record hold a licence from FSS; the 10 highest-scored are below, and the finder searches them all.

13 brokers

  1. Rank 1

    Hana Bank

    No Regulation    South Korea Β· since 1971    Wikilix score 77.7
  2. Rank 2

    ICAP

    Regulated    United Kingdom Β· since 1999    Wikilix score 71.9
  3. Rank 3

    TrueFriend

    Regulated    South Korea Β· since 2003    Wikilix score 61.2
  4. Rank 4

    GFI

    Regulated    United States Β· since 1987    Wikilix score 60.7
  5. Rank 5

    TROYMARKET

    Regulated    Saint Lucia Β· since 2025    Wikilix score 55.1
  6. Rank 6

    4XC

    No Regulation    since 2018    Wikilix score 43.6
  7. Rank 7

    HEX FOREX

    Regulated    Saint Lucia Β· since 2024    Wikilix score 41.9
  8. Rank 8

    BFC Forex

    Regulated    United Kingdom Β· since 2005    Wikilix score 39.9
  9. Rank 9

    KMB

    Regulated    South Korea Β· since 1996    Wikilix score 39.9
  10. Rank 10

    Nittan Capital Group

    Regulated    Japan Β· since 1983    Wikilix score 39.9

About this information

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