[Apha Biz=(Chicago) Reporter Paul Lee] The Financial Supervisory Service will conduct a re-examination of the "Discovery Fund" seller, which caused a massive suspension of redemption, as early as next month.

According to the financial investment industry on the 27th, the FSS plans to re-examine the incomplete sales of discovery fund vendors such as the Industrial Bank of Korea as early as next month.

The Financial Supervisory Service says inspections are inevitable for Industrial Bank of Korea, the largest seller. It is also said to be struggling with the need for inspection by other sales banks and securities firms.

The Discovery Fund was sold at three banks and nine securities firms, including Industrial Bank of Korea, Hana Bank and Shinhan Bank, from 2017 to April 2019. At the time, investors claimed that the seller sold the fund by deceiving it as a stable investment destination.

The Financial Supervisory Service said it has been cooperating with U.S. regulators to confirm such misconduct involving overseas funds and is confirming further charges. It also explained that the seller's responsibility could be greater if they explained to investors as if they were normal funds or deceived investors with false investment proposals.

 

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