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New FSC boss vows to continue reforms

The Financial Supervisory Commission's new Chairman Shih Jun-ji (施俊吉) yesterday vowed that the regulator would continue to push measures to consolidate the financial sector but would prevent any monopolies from developing.

"The financial industry is still in need of consolidation, and the commission will seek to encourage mergers among financial institutions and financial holding companies," Shih said during the handover ceremony.

FSC policies should prevent monopoly or oligopoly situations he said. That is, the country must avoid creating firms that are "too big to fail," to avert any possible damage to consumer rights and interests.

The commission will also strengthen its institutional system by having every commission member deeply involved in the decision-making process to safeguard the independence and fairness of policy-making, he added.

Shih yesterday officially took charge of the financial watchdog from former acting chairman Lu Daung-yen (呂東英), who last week was appointed as chairman of the Gretai Securities Market.

During the ceremony, Lu said he had no regrets over his two-year vice chairmanship because he had achieved several goals, citing the reform of the underwriting system, the amendment of the Securities and Exchange Law (證券交易法) to strengthen levels of corporate governance and better containment of insider trading.
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