[Exclusive] Large Number of FSC Officials May Move to Sejong... FSS Organizational Restructuring Under Review

Briefing Session Held for All Financial Services Commission Staff
Organizational Structure of Ministry of Finance and Economy and Financial Supervisory Commission to Be Reduced
Large-Scale Transfer of Financial Services Commission Officials to S

The government is detailing its plan to reorganize the financial authorities. The Ministry of Economy and Finance, which has separated its budget function, will be restructured as the Ministry of Finance and Economy by merging with the financial policy functions of the Financial Services Commission. The newly established Financial Supervisory Commission is also being considered for formation on a smaller scale than the current organization.

A significant number of Financial Services Commission officials are expected to move to Sejong (Ministry of Finance and Economy), while the remaining staff will stay in Seoul (Financial Supervisory Commission). The Ministry of the Interior and Safety plans to finalize the details in consultation with the Financial Services Commission.

According to the government and the ruling party on September 12, the Ministry of the Interior and Safety is currently discussing the specifics of the organizational restructuring with the Ministry of Economy and Finance and the Financial Services Commission. Both the Ministry of Economy and Finance and the Financial Services Commission are sharing the details of the restructuring discussions internally with their staff in closed meetings. The Financial Services Commission reportedly held a briefing session for all employees in the afternoon to communicate basic matters.

The main topics under discussion between the Ministry of the Interior and Safety and the Financial Services Commission include the total workforce, organizational structure, and the scale of transfers to Sejong. The current Financial Services Commission is organized into 8 bureaus, 26 divisions, and 3 teams. Both the Ministry of Finance and Economy, after removing the budget function, and the Financial Supervisory Commission are likely to have a reduced organizational structure compared to the present.

Personnel adjustments are inevitable. The Financial Services Commission currently has 263 staff members. As the total number of personnel changes, some positions will also need to be adjusted. The number of officials transferred to the Ministry of Finance and Economy, which is the main focus, may exceed the previously mentioned figures. The remaining staff will be transferred to the Financial Supervisory Commission.

An official from the Financial Services Commission stated, "This is a matter to be decided by the Ministry of the Interior and Safety, and nothing has been finalized," adding, "We are not aware of the details of the closed meetings."