Today, Financial Supervisory Service Director Personnel Changes... Replaced by a Younger Generation

Organizational Restructuring Also Implemented
Role of Financial Consumer Protection Office Expected to Expand

Lee Bok-hyun, Governor of the Financial Supervisory Service, is drinking water during the National Assembly inspection of the Financial Supervisory Service held by the Political Affairs Committee at the Financial Supervisory Service in Yeouido, Seoul, on the 17th of last month. Photo by Kim Hyun-min kimhyun81@

On the 29th, the Financial Supervisory Service (FSS) will carry out personnel changes at the director-general level and organizational restructuring. The key point of this personnel reshuffle is generational change. An FSS official stated, "Currently, the first batch of FSS public recruitment officers accounts for about one-quarter of the entire staff, making them the mainstream, but it is widely predicted that the younger cohorts will be extensively appointed as director-generals." Another FSS official said, "The critical issue is up to which batch will reach the director-general position," adding, "There are even rumors that candidates from the 5th batch of public recruitment might be appointed as director-generals, indicating a groundbreaking personnel change."

Since the inauguration of Lee Bok-hyun as the head of the FSS, the pace of generational change within the organization has accelerated significantly. Originally, regular personnel changes were conducted once a year, but now they are split into two rounds in the first and second halves of the year. An FSS official said, "Director Lee has announced a 'performance-based' evaluation policy and is leading the organization with a sense of urgency," adding, "Nowadays, if someone stays in one position for about a year, they are considered a candidate for replacement."

However, there are concerns about the side effects of such frequent personnel changes. Another FSS official commented, "Since director-generals are being replaced more frequently and by a larger margin than before, predictability and continuity of work may decline."

Following the large-scale appointment of director-generals born in the mid-1970s, organizational restructuring is also expected. Director Lee has previously announced that the FSS will reorganize its structure at the end of this year to respond to financial crimes that harm the public.

At an executive meeting on the 15th, Director Lee stated, "We need to listen to the voices of the public who wish for the eradication of financial crimes and the elimination of unfair market practices in the financial sector," and ordered, "The Financial Consumer Protection Department, which is the FSS's organization related to public welfare, must be completely reorganized from the current system of damage prevention and rights protection to a system for responding to public harm and establishing a fair market order." It is known that the reorganized public finance-related departments will include new or restructured units dealing with virtual assets, money laundering, and illegal private financing.

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