Chief of the Financial Services Commission Kim Byoung-hwan speaks during a meeting with chief executive officers of securities companies in Yeongdeungpo District, Seoul, in this photo provided by the Financial Services Commission, Aug. 29. Yonhap

The head of the financial regulator stressed the need to improve private pension programs Thursday, a day after the government unveiled details of a reform plan for the national pension system.

Kim Byoung-hwan, chief of the Financial Services Commission (FSC), also called on asset management companies to develop and introduce various new products that can help better prepare people for retirement.

"The country's asset management industry has grown rapidly over the past few years, but the amount of its indirect investment remains far lower than that of advanced countries, meaning local asset management firms may be failing to meet their customers' expectations," Kim said in a meeting with officials from asset management firms.

"There is a need for serious discussions on how the asset management industry can continue to develop and boost its competitiveness to meet the needs of the people and help prepare for the future in an aged society," he added.

To this end, Kim urged the asset management companies to develop various pension products, insisting, "Pensions are the most reliable means for one's later years that have been proven over an extended period of time.

"As the government unveiled its plan to reform the (national) pension program yesterday, it will seek to reform not only the national pension program but also retirement and private pension plans as well," Kim said.

He added the financial regulator will continue to seek ways to support the development of various, new innovative products in the private pension market through close cooperation with other related government officials. (Yonhap)