The First Report Card After Lee Bok-hyun's Appointment... Financial Supervisory Service Receives 'A Grade' in Management Evaluation for the First Time in 7 Years
The Financial Supervisory Service (FSS) has been confirmed to have received an 'A grade' in management evaluation for the first time in seven years since 2015. This is the first report card since Director Lee Bok-hyun took office.
According to the financial sector on the 16th, the Management Evaluation Committee, chaired by the Financial Services Commission (FSC), evaluated the FSS's management last year and awarded it an 'A grade.'
The FSC assigns management evaluation grades to the FSS annually through the Management Evaluation Committee, which is composed of external private members. The grades are divided into six levels: △S grade (95-100 points) △A grade (85-94 points) △B grade (75-84 points) △C grade (65-74 points) △D grade (60-64 points) △E grade (below 60 points).
The FSS's A grade is the first in seven years since 2015. The FSS received A grades from 2011 to 2015, but in 2016 and 2017, it was rated C grade due to issues such as hiring irregularities and inefficient management. Since then, from 2018 to last year, it received B grades for four consecutive years.
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This A grade is the first report card received after the appointment of Lee Bok-hyun, a former inspector, as the FSS director last year. It is known that the internal innovation within the FSS, along with efforts to eradicate unfair trading in the capital market and early response to financial market instability, positively influenced this management evaluation. In particular, last year, the FSS received praise for announcing the supervisory work innovation roadmap called 'FSS, the F.A.S.T Project,' which included the establishment of a one-stop service team for licensing and a financial innovation team to enhance the speed and transparency of financial supervision tasks. The FSS also received the highest-ever 2nd grade in the comprehensive integrity evaluation by the Anti-Corruption and Civil Rights Commission last year, alongside the Bank of Korea, Korea Development Bank, and Korea Exchange.
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