Korea’s FSS chief apologizes for leveraged ETFs as “bring money home” plan backfires

South Korea’s top financial supervisor has admitted to lawmakers that regulators pushed single-stock leveraged ETFs through review to meet a launch date. The Financial Supervisory Service (FSS) chief Lee Chan-jin is now the third senior official to admit fault for products that cost retail investors trillions of won. What did the FSS chief admit to? The Financial Supervisory Service chief Lee Chan-jin admitted at the National Assembly’s Political Affairs Committee audit on Monday that the FSS finished its work with single-stock leveraged products before the exchange was done, instead of allowing the ETF listing to clear a Korea Exchange preliminary review first. Even after this admission, it is still unclear who ordered the funds to be sold.

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