The head of South Korea's Financial Supervisory Service has called for domestic asset management firms to assume greater responsibility for their exchange-traded fund products, according to a statement from the regulator.

The FSS Governor, Lee Chan-jin, convened a meeting on Monday with the chief executives of 20 asset management firms and the head of the Korea Financial Investment Association.

Lee emphasized that the rapid expansion of the ETF market has increased the responsibilities of asset managers. He urged these companies to ensure the accuracy of investment information when promoting such products.

Lee also cautioned asset management firms to pay closer attention to tracking errors and discrepancies between their products and the underlying LP companies.