TAIPEI (REUTERS) - Taiwan's top financial regulator Chen Yuh-chang will step down as part of a cabinet reshuffle, a source close to the Financial Supervisory Commission (FSC) said on Monday.

Mr Chen, who is widely seen as close to President Ma Ying-jeou, has been criticised by industry executives for being too conservative on allowing Taiwan's financial services firms to expand into China.

FSC officials were not immediately available for comment.

The government will hold a press conference on Monday afternoon to announce further details of the reshuffle.