Kim Eun-kyung, Professor at Hankuk University of Foreign Studies, Appointed as First Female Deputy Director of FSC's Consumer Protection Bureau

[Asia Economy Reporter Kangwook Cho] Kim Eun-kyung (55, photo), a professor at Hankuk University of Foreign Studies Law School, has been appointed as the head of the Financial Consumer Protection Bureau (vice president level) at the Financial Supervisory Service (FSS). She is the first female vice president-level official at the FSS. The existing vice presidents, including Yoo Kwang-yeol, Kwon In-won, and Won Seung-yeon, are expected to remain in their positions.

According to financial authorities on the 4th, the Financial Services Commission (FSC) is scheduled to hold a regular meeting in the morning and finalize the appointment of Professor Kim as the head of the Financial Consumer Protection Bureau at the FSS.

The head of the Financial Consumer Protection Bureau has supervisory and inspection authority over all financial institutions such as banks, insurance companies, and securities firms, and can also participate in dispute resolution and sanction processes. Recently, through the FSS’s organizational restructuring, the bureau was significantly expanded from 6 departments and 26 teams to 13 departments and 40 teams. In the consumer damage prevention sector, it has supervisory functions over the entire product sales process, including review of financial product terms and conditions, solicitation and sales of financial products, advertising and disclosure of financial products, and unfair trading practices. In the consumer rights protection sector, it performs complaint handling, dispute resolution, and inspection functions. Additionally, it has been granted consultation authority on sanction cases that cause massive consumer damage. In short, it has secured 'powerful authority' covering supervision, inspection, dispute resolution, and sanctions.

As the Financial Consumer Protection Bureau was expanded and reorganized, controversy arose over who would lead it. The appointment of FSS vice presidents is structured such that the FSS president recommends candidates, the FSC appoints them, and the Blue House consults on the decision. Initially, the Blue House conducted personnel vetting not only for Professor Kim but also for Professor Kim Heon-soo of Soonchunhyang University and Professor Kim Yong-jae of Korea University Law School as candidates for the bureau chief. The FSS supported reform-minded Professor Kim Heon-soo, while the FSC, judging that appointing Professor Kim Heon-soo as bureau chief might lead to excessive hardline tendencies at the FSS, reportedly supported Professor Kim Yong-jae.

The FSS originally planned to complete executive appointments around mid-January, but due to difficulties in consultations with the FSC, the appointments were only finalized in March. Because of this, some interpret that the FSS and FSC supported different candidates, resulting in the appointment of a third candidate, Professor Kim Eun-kyung.

Professor Kim Eun-kyung graduated from the Department of Law at Hankuk University of Foreign Studies and earned a Ph.D. in law from the University of Mannheim in Germany. She is an expert in insurance law and currently serves as a member of the FSS Dispute Mediation Committee and Sanctions Review Committee. In 2018, she participated in the 'Card Industry Competitiveness Enhancement Task Force (TF)' and has also been involved in the FSS Insurance Innovation TF. She is currently affiliated with the Presidential Policy Planning Committee.

Besides the head of the Financial Consumer Protection Bureau, the existing vice presidents Yoo Kwang-yeol, Kwon In-won, and Won Seung-yeon are expected to remain in their posts. Their terms run until November this year.

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