[Asia Economy Reporter Song Hwajeong] The Financial Supervisory Service (FSS) announced on the 29th that it has appointed five external experts with expertise and independence in finance as the 6th Ombudsman.
The 6th Ombudsman includes Seo Byungho, Senior Research Fellow at the Korea Institute of Finance, for the banking sector; Seo Jiyong, Professor of Business Administration at Sangmyung University, for the small and low-income sector; Kim Taejin, Professor at Korea University Law School, for the financial investment sector; Park Seongwon, Lawyer at Gwanghwa Law Office, for the insurance sector; and Choi Cheol, Professor of Consumer Economics at Sookmyung Women’s University, for the consumer sector.
The FSS Ombudsman serves a two-year non-standing term and performs the role of recommending institutional improvements and monitoring the FSS’s overall work, including supervision, inspection, complaints, and consumer protection, from an independent and objective third-party perspective.
Previously, the 5th FSS Ombudsman conducted field-centered activities such as listening to difficulties from financial associations and discovering institutional improvement tasks. From June 2020 to June 2022, quarterly meetings were held to discuss 31 proposed tasks, and 16 tasks related to consumer protection and institutional improvements were addressed.
An FSS official stated, "We will support the Ombudsman to actively carry out their activities and will reflect the Ombudsman’s recommendations as much as possible to improve financial supervisory operations."
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