FSS Union Claims to Have Retained Sanctions and Dispute Committees... Director Lee Chanjin Supported Persuading the FSC

Union to Meet Political Affairs Committee Chair on the 15th, Hold National Assembly Protest on the 18th
"First Goal Is Fast-Track Designation of Government Organization Act"
First Protest at National Assembly in 17 Years Since 2008
Strike Considered as Last Resort... "Likely to Be an Independent Action"

The Financial Supervisory Service Labor Union claimed that it has restored the original plan regarding the political decision to transfer the functions of the Sanctions Review Committee and the Dispute Mediation Committee from the Financial Supervisory Service to the newly established Financial Supervisory Commission. The union stated that its goal is to have the government reorganization bill designated as a fast-track agenda item.

Approximately 700 employees, including Jeong Boseop, Acting Chairman of the Financial Supervisory Service Labor Union (third from the left), are protesting against the restructuring of the financial supervision system on the first floor of the Financial Supervisory Service headquarters in Yeouido, Yeongdeungpo-gu, Seoul, on the morning of the 15th. The protest lasted for 21 minutes starting at 8:20 a.m. Photo by Moon Chaeseok

Yoon Taewan, Vice Chairman and Head of the Emergency Response Committee of the Financial Supervisory Service, said at the protest against the restructuring of the financial supervisory system (the "black attire protest") on September 15, "Last week, revisions to the Financial Supervisory Commission Establishment Act and the respective industry laws were underway." He added, "Director Lee Chanjin and the staff of the Planning and Coordination Office managed to block and reverse a significant portion of the initial disappointing amendments proposed by the Financial Supervisory Commission."

After the protest, Yoon told reporters that the union had managed to retain both the sanction authority (except for resolutions on severe disciplinary actions for executives) and the dispute mediation authority. He explained, "There were media reports that the Financial Supervisory Commission (the new commission) would take over the Sanctions Review Committee and the Dispute Mediation Committee, but as far as I know, we prevented that from happening." He continued, "The Dispute Mediation Committee will not be established under the Financial Supervisory Commission, and except for resolutions on severe disciplinary actions for executives, the sanction authority will remain with the Financial Supervisory Service."

Yoon also stated that Director Lee Chanjin played a significant role in the negotiations with the Financial Supervisory Commission. He said, "Director Lee worked tirelessly through the night without going home," and added, "While the Planning and Coordination Office handled the practical work, we cannot deny that all the strength came from the director."

The union called for more active participation from executives (including the director, senior deputy governor, deputy governors, and assistant deputy governors-a total of 15 people) in the discussions on the Financial Supervisory Commission Establishment Act and the revision of industry laws. Previously, on September 12, Yoon stated, "The Financial Supervisory Commission Establishment Act was notified to the Financial Supervisory Service three days ago (on the 9th), and each financial industry law was notified the following evening (on the 10th) in a hasty manner," adding, "In this battlefield without gunfire, where we strive to have our voices reflected, executives must take the lead."

On this day, the union emphasized that its goal is to have the government organization law amendment designated as a fast-track agenda item. If designated as fast-track, the bill must be processed within a maximum of 330 days. This means that, instead of immediately implementing the organizational restructuring from the originally scheduled date of January 2 next year, the restructuring and subsequent measures could continue until the second half of next year.

Yoon stated, "Until the plenary session of the National Assembly on the 25th, we plan to maintain the current protest schedule and continue expressing our stance," adding, "Our primary goal is to exclude the Financial Supervisory Service from the government reorganization targets and to confirm the bill's fast-track designation."

Lee Chanjin, Governor of the Financial Supervisory Service, is delivering opening remarks at the 'Financial Supervisory Service Governor-Big Tech CEO Meeting' held at Naver Square Yeoksam in Gangnam-gu, Seoul on the 11th. 2025.9.11 Photo by Kang Jinhyung

The union also announced plans to communicate with political circles. On the morning of September 15, they scheduled a meeting with Yoon Hanhong, Chairman of the National Assembly's Political Affairs Committee. They plan to deliver a letter regarding opposition to the separation and establishment of the Financial Consumer Protection Agency and to the designation of the Financial Supervisory Service as a public institution. The union intends to communicate not only with the opposition but also with the ruling party. Yoon said, "Today's meeting is with the head of the Political Affairs Committee, so we are meeting Assemblyman Yoon from the opposition, but we do not believe the opposition will help more, and we will maintain political neutrality."

On September 18, for the first time in 17 years since 2008, the union plans to hold a protest in front of the National Assembly. The last protest on January 29, 2008, was held in front of the main gate of the National Assembly together with the Korean Confederation of Trade Unions' Financial Services Labor Union Federation, the Speculative Capital Monitoring Center, and the Democratic Labor Party.

For the first time in the 26 years since the establishment of the Financial Supervisory Service in 1999, the union is also considering the possibility of a strike. However, since this would require a vote by union members and legal review, it is unlikely to be carried out before the National Assembly plenary session on September 25.

Unlike the 2008 strike, it appears difficult to conduct a joint strike with a specific political party or with the Federation of Korean Trade Unions or the Korean Confederation of Trade Unions.

Yoon explained, "In 2008, the Financial Supervisory Service union was under a higher-level union, but that is no longer the case." He added, "There is a high possibility of an independent strike, but we are communicating with those higher-level unions to encourage their voluntary participation." He continued, "This is not about improving working conditions within the Financial Supervisory Service, but about fundamentally shaking up the national financial supervisory system. We will communicate with the Financial Supervisory Commission and lawmakers to push the fast-track designation and will fight by engaging with the political sphere."

Meanwhile, on the morning of September 15, Director Lee Chanjin arrived at the headquarters at 8:00 a.m. and was asked by reporters about his stance on organizational restructuring and the union's future plans following the dialogue on September 12, but he left without answering.

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