Yoon Seokheon’s Final Request: "The Financial Supervisory Service Must Reborn with Pride and a Sense of Mission"

Reflections on 3-Year Term Shared at July 7 Farewell Ceremony

[Image source=Yonhap News]

[Asia Economy Reporter Jin-ho Kim] Yoon Seok-heon, Governor of the Financial Supervisory Service (FSS), stepped down on the 7th after completing his three-year term. At the farewell ceremony held at the FSS headquarters in Yeouido, Seoul, Governor Yoon expressed his feelings, saying, "I leave with a heavy heart, unable to fully repay the debt of gratitude and emotional debt I owe to all of you."

As his final message to the executives and staff as the head of the financial supervisory agency, he emphasized 'pride and a sense of mission.' Governor Yoon stated, "The FSS must never forget that it is the national risk manager responsible for the stability and well-being of South Korea's financial market and financial industry," and urged, "With pride and a sense of mission, please develop finance as a realistic hope for a fairer and more just society."

He also stressed the importance of communication, harmony, and insight. Quoting Confucius' saying, "A noble person (君子) harmonizes but does not conform (和而不同), while a petty person (小人) conforms but does not harmonize (同而不和)," he urged, "Please take the path of communication and harmony for the great values that the FSS aims for." Referring to the turbulent changes in the financial environment, he added, "Based on insight, navigate steadily without wavering and devote all efforts to stabilizing the financial system and preparing measures to protect consumers."

Among the achievements during his three-year tenure, he cited resolving the insurance sector's immediate pension issue, taking action against Samsung Biologics' accounting fraud, managing the aftermath of overseas interest rate-linked derivative-linked funds (DLF), and launching the Capital Market Special Judicial Police.

Governor Yoon acknowledged, "There may have been shortcomings in various tasks and efforts," but added, "I approached them with passion and believe I did my best under the given circumstances."

Finally, he addressed the executives and staff, saying, "Whenever I faced difficulties over the past three years, I received tremendous help and encouragement from all of you," and expressed regret, "I am sorry that I could not sufficiently express my gratitude in a timely manner."

He concluded by urging, "I hope the FSS continues to develop as a pivotal institution leading Korea's financial supervision and financial advancement."

Meanwhile, following Governor Yoon's retirement, the FSS will be temporarily operated under Acting Senior Deputy Governor Kim Geun-ik. It is expected that the Blue House will finalize the appointment of the new FSS Governor only after the positions of Acting Prime Minister and Deputy Prime Minister for Economy Hong Nam-ki and Financial Services Commission Chairman Eun Sung-soo are confirmed.

Among external candidates mentioned so far for the FSS Governor position are Jeong Eun-bo, South Korea-US defense cost-sharing negotiation ambassador; Kim Yong-beom, former 1st Vice Minister of Strategy and Finance; Kim Jong-ho, former Senior Secretary for Civil Affairs at the Blue House; Jeong Jae-wook, former president of KDB Life Insurance; and Choi Un-yeol, former member of the National Assembly. Internal candidates include Senior Deputy Governor Kim and Director of the Financial Consumer Protection Bureau Kim Eun-kyung. The FSS Governor is appointed by the President following the resolution and recommendation of the Financial Services Commission.