Financial Supervisory Service Announces Major Department Head Personnel Changes... Rise of Women and Young Talent

Yoon Seok-heon, Governor of the Financial Supervisory Service

[Asia Economy Reporter Kim Hyo-jin] On the 23rd, the Financial Supervisory Service (FSS) carried out a large-scale personnel reshuffle, replacing more than 70% of department heads following a major organizational restructuring that significantly expanded the Financial Consumer Protection Division.

Similar to the organizational restructuring, the FSS emphasized strengthening consumer protection personnel by deploying a large number of talented individuals with diverse financial supervisory experience under the Financial Consumer Protection Division, according to the FSS.

The FSS also focused on generational change, bold promotion of capable talents, placement based on expertise in appropriate positions, and the active appointment of female personnel.

Accordingly, promotions were made mainly for deputy directors and team leaders born between 1967 and 1969 (19 people), and three individuals born in 1970 were appointed as head of headquarters.

The 1970-born appointees are Park Sang-won, Head of the Financial Group Supervision Office (former Deputy Director of the Planning and Coordination Bureau), Lee Sang-ah, Head of the Pension Supervision Office (former Deputy Director of the Pension Finance Office), and Lee Chang-woon, Head of the Inclusive Finance Office (formerly seconded to the Korea Deposit Insurance Corporation).

Female bureau chiefs include Lee Sang-ah, Head of the Pension Supervision Office, Kim Mi-young, Director of the Credit Finance Inspection Bureau (former Head of the Anti-Money Laundering Office), and Park Sun-hee, Director of the Capital Market Investigation Bureau (former Head of the Talent Education Institute).

The FSS stated, "We have forward-deployed three female bureau chiefs with outstanding work ability and leadership to operational departments," adding, "Team leader and team member personnel changes will be completed by the end of February to finalize the regular personnel reshuffle."

Prior to the department head personnel changes, the FSS also implemented the organizational restructuring on the same day. Currently, the Financial Consumer Protection Division under the Financial Consumer Protection Chief (Vice President) will be expanded and reorganized into two major sectors: consumer damage prevention (preemptive) and rights protection (post-event).

Each sector will be exclusively managed by a vice president to establish a responsible management system. The Financial Consumer Protection Division’s organization has grown from the current six departments to 13 departments, an increase of seven, and the number of teams has expanded from 26 to 40, an increase of 14 teams.

Yoon Seok-heon, Governor of the FSS, said in a briefing regarding the organizational restructuring, "This organizational restructuring plan was prepared to respond to the recent trend of strengthening financial consumer protection, including the legislative promotion of the Financial Consumer Protection Act, and to enhance functional supervision of high-risk financial products designed, solicited, and sold across various financial sectors."

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