[Asia Economy Reporter Kangwook Cho] Kim Eun-kyung (55, photo), a professor at the Graduate School of Law at Hankuk University of Foreign Studies, has been appointed as the Head of the Financial Consumer Protection Bureau (Vice President level) at the Financial Supervisory Service (FSS). She is the first female vice president-level official at the FSS. Existing vice presidents Yoo Kwang-yeol, Kwon In-won, and Won Seung-yeon are expected to remain in their positions.
According to financial authorities on the 4th, the Financial Services Commission held a regular meeting that morning and appointed Professor Kim as the head of the Financial Consumer Protection Bureau at the FSS.
The head of the Financial Consumer Protection Bureau has supervisory and inspection authority over all financial institutions including banks, insurance, and securities, and can also participate in dispute mediation and sanction processes. Recently, through the FSS’s organizational restructuring, the bureau was significantly expanded from 6 departments and 26 teams to 13 departments and 40 teams. In the consumer damage prevention sector, it has supervisory functions over the entire product sales process, including review of financial product terms, solicitation and sales of financial products, advertising and disclosure of financial products, and unfair trade practices. In the consumer rights protection sector, it performs complaint handling, dispute resolution, and inspection functions. Additionally, it has been granted consultation authority on sanction cases that cause massive consumer damage. In short, it has secured 'powerful authority' covering supervision, inspection, dispute mediation, and sanctions.
As the Financial Consumer Protection Bureau was expanded and reorganized, controversy arose over who would lead it. The appointment of FSS vice presidents is structured such that the FSS president recommends candidates, the Financial Services Commission appoints them, and the Blue House consults on the decision. Initially, the Blue House conducted personnel vetting not only on Professor Kim but also on Professor Kim Heon-soo of Soonchunhyang University and Professor Kim Yong-jae of Korea University School of Law as candidates for the bureau head. The FSS supported reform-minded Professor Kim Heon-soo, while the Financial Services Commission, judging that appointing Kim Heon-soo might lead to excessive hardline stances at the FSS, reportedly supported Professor Kim Yong-jae.
The FSS originally planned to complete executive appointments by mid-January, but due to difficulties in consultations with the Financial Services Commission, the appointments were only finalized in March. Because of this, some interpret that the FSS and the Financial Services Commission supported different candidates, resulting in the selection of a third candidate, Professor Kim Eun-kyung.
Professor Kim Eun-kyung graduated from the Department of Law at Hankuk University of Foreign Studies and earned a Ph.D. in Law from the University of Mannheim in Germany. She is an expert in insurance law and currently serves as a member of the FSS Dispute Mediation Committee and Sanctions Review Committee. In 2018, she participated in the 'Task Force for Enhancing Competitiveness of the Card Industry' and has also been involved in the FSS Insurance Innovation Task Force. She is currently affiliated with the Presidential Policy Planning Committee.
Besides the head of the Financial Consumer Protection Bureau, existing vice presidents Yoo Kwang-yeol, Kwon In-won, and Won Seung-yeon have been retained. Their terms run until November this year.
The Financial Services Commission explained, "The newly appointed vice president Kim possesses expertise in financial law and consumer protection and is judged to be the right person to strengthen financial consumer protection through smooth coordination of financial authorities based on diverse experience."
It added, "As the first female vice president at the FSS, she is expected to greatly contribute to discovering female talent in the financial sector and to balanced personnel appointments."
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