Lee Bok-hyun, New Financial Supervisory Service Chief, Emphasizes "Financial Advancement and Regulatory Relaxation" on Inauguration Day

[Asia Economy Reporter Song Hwajeong] Lee Bokhyun, the newly appointed Governor of the Financial Supervisory Service (FSS), identified the advancement and stability of the financial market as the top priorities for future financial supervision policy directions.

At the inauguration ceremony held on the 7th at the FSS headquarters in Yeouido, Seoul, Governor Lee stated, "I will focus on deregulation through the advancement of the financial market and private sector innovation."

Governor Lee emphasized, "Metaverse, big tech, virtual assets, and the like have already become part of everyday life, and the accompanying changes in the financial market have become a reality. We need to examine whether there are any factors hindering market advancement and private innovation, and remove regulations not only from an institutional perspective but also from non-institutional aspects."

Regarding areas where regulation is necessary, Governor Lee plans to ensure transparency in procedures and secure the rationality of regulatory content. He said, "In areas where regulation is unavoidable, we must reduce confusion among market participants by ensuring rationality and procedural transparency to provide predictability."

He also stressed the stability of the financial system. Governor Lee said, "Ensuring the stability of the financial system is the fundamental role of the supervisory agency. While focusing on deregulation, we must pay close attention to whether there is any deficiency in maintaining the stability of the financial market." He added, "Given the increased household debt and unstable prices that have heightened economic uncertainty, a delicate approach considering the characteristics of each sector such as banking, insurance, and capital markets is necessary."

He mentioned the importance of protecting financial consumers. Governor Lee emphasized, "There must be no negligence in protecting financial consumers," and added, "Strict standards should continue to be applied to market disruption activities as before."

Cooperation with related organizations was also highlighted. He said, "The core goals of advancing and stabilizing the financial market and protecting financial consumers are difficult to achieve solely through the FSS's independent response," and added, "Given the seriousness of various situations, we will cooperate closely with the Financial Services Commission and on individual matters to make efforts."

On the same day, the Financial Services Commission nominated former Chief Prosecutor Lee as the new Governor of the Financial Supervisory Service. This is the first time since the establishment of the FSS that a former prosecutor has been appointed as its governor.

Born in 1972, the nominee Lee graduated from Seoul National University with a degree in Economics. He passed the Certified Public Accountant exam in 1998 and the Judicial Examination in 2000. He served as the head of the Economic Crime Division at the Seoul Central District Prosecutors' Office.

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