The First Financial Supervisory Service Chief under Yoon Administration, 'Prosecutor Background' Rapidly Rising

Attention on Successor Financial Supervisory Service Chief Following Jeong Eun-bo's Resignation Announcement

[Asia Economy Reporter Changhwan Lee] With Jung Eun-bo, the Financial Supervisory Service (FSS) chief, expressing his intention to resign, interest is growing over who will become the first FSS chief under the Yoon Suk-yeol administration. While professors from the Presidential Transition Committee are being mentioned as potential candidates, former prosecutors are also rapidly emerging as contenders.

According to industry sources on the 13th, although there were rumors until recently that Jung would remain in office, the new government decided to replace all heads of financial authorities and reportedly requested Jung to submit his resignation. The FSS chief has a three-year term, and Jung, who took office in August last year, still had a significant portion of his term remaining.

Final candidates for the next FSS chief include Professor Choi Jong-hak of Seoul National University’s Business Administration Department and Professor Shin Sung-hwan of Hongik University’s Business Administration Department. Both participated in the recent Presidential Transition Committee.

Following Jung’s resignation announcement, former prosecutors have also rapidly gained attention. Prosecutor candidates include lawyer Jung Yeon-soo of Kim & Chang, former Southern District Prosecutor Park Soon-chul, and lawyer Park Eun-seok of Law Firm Lin. All graduated from Seoul National University’s Law School, like President Yoon Suk-yeol.

Lawyer Jung has experience working at the FSS from 2008 to 2013 as head of the Capital Market Investigation Division (Deputy Director) and Deputy Director in charge of Financial Investment Business Inspection and Capital Market Investigation, making him familiar with FSS operations. He was the first sitting prosecutor to leave the prosecutor’s office to become an FSS executive, which was a notable event at the time.

Former Prosecutor Park drew attention in October 2020 when he resigned, stating, "Politics has overwhelmed the prosecution." Lawyer Park, also a former prosecutor who served as deputy chief at Changwon District Prosecutor’s Office and at the Seoul High Prosecutors’ Office, worked at the FSS from 2014 to 2018 as head of the Inspection Office and head of the Capital Market Investigation Division 1.

Other candidates from economic bureaucratic backgrounds include Lee Byung-rae, Vice Chairman of External Cooperation at the Korea Institute of Certified Public Accountants, and Lee Chan-woo, Senior Deputy Director of the FSS. Vice Chairman Lee served in the Ministry of Finance’s International Finance Bureau, Securities Bureau, and Economic Policy Bureau, and has continuously worked at the Financial Supervisory Commission and Financial Services Commission since the Financial Supervisory Commission was launched in 1999.

Earlier, Financial Services Commission Chairman Ko Seung-beom also expressed his intention to resign, so it is expected that successor appointments for both the FSC chairman and the FSS chief will be made together. Chairman Ko also took office in August last year and still has more than two years left in his term.

Kim Joo-hyun, Chairman of the Credit Finance Association, is a leading candidate for the next FSC chairman. Chairman Kim passed the 25th Administrative Examination and served at the Ministry of Finance before holding positions such as Director of the Financial Policy Bureau, Standing Commissioner of the Securities and Futures Commission, and Secretary-General at the Financial Services Commission.

This content was produced with the assistance of AI translation services.