Jeong Eun-bo, Financial Supervisory Service Governor, "This Year's Task is Proactive Supervision of Potential Risks"

Director Jeong's New Year's Address at the 2022 Pan-Financial Institutions New Year's Meeting

Jeong Eun-bo, Governor of the Financial Supervisory Service / Photo by Jin-hyeong Kang aymsdream@

[Asia Economy Reporter Kiho Sung] Jeong Eun-bo, Governor of the Financial Supervisory Service, emphasized on the 4th, "This year, the top priority is proactive supervision of potential risks."

Governor Jeong stated in his New Year's address at the '2022 Pan-Financial New Year's Meeting,' jointly hosted by six financial associations including the Korea Federation of Banks, "The soundness and market resilience of domestic financial companies are relatively good, but if latent risks materialize, their impact will be extensive and the scarring effects may persist, making proactive management important."

Regarding 'preventive financial consumer protection,' Governor Jeong pointed out, "The increasing complexity of financial products and diversification of sales channels due to digitalization have increased the possibility of blind spots in consumer protection." He promised, "We will meticulously and proactively examine vulnerable areas of consumer protection at every stage, from the design, sales, to post-management of financial products."

On financial innovation, he said, "In the flow of digitalization and platformization of finance, we will consider various support measures including institutional improvements so that the financial industry can enhance competitiveness and secure growth engines." He also added, "We will make efforts to prepare policy measures to resolve the unbalanced competitive conditions with big tech companies."

Governor Jeong urged, "In difficult times, the solution can be simple. Just as I emphasize law and principles in financial supervision, I ask the financial industry to faithfully adhere to the basics that everyone expects."

Meanwhile, the '2022 Pan-Financial New Year's Meeting' was converted from holding an in-person event due to COVID-19 to sharing New Year's addresses from four major institution heads?the Deputy Prime Minister and Minister of Economy and Finance, the Chairman of the Financial Services Commission, the Governor of the Bank of Korea, and the Governor of the Financial Supervisory Service?along with an encouragement speech from the Chairman of the National Assembly's Political Affairs Committee with financial industry members.

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