Lee Sehoon, Senior Deputy Governor of the Financial Supervisory Service: "Organizational Restructuring to Proceed According to Democratic Procedures" ... Effectively Accepts Plan

Emergency Briefing for All Employees Held on September 8
"Not a Matter of Personal Agreement or Disagreement"

On the afternoon of September 8, Lee Sehoon, Senior Deputy Governor of the Financial Supervisory Service, held an emergency briefing for all employees regarding the government's organizational restructuring plan to separate and establish the Financial Consumer Protection Agency as an independent entity. During the meeting, Lee stated that it would not be appropriate to oppose the separation.

Financial Supervisory Service Headquarters, Yeouido, Yeongdeungpo-gu, Seoul. Financial Supervisory Service

According to the Financial Supervisory Service, during the meeting, Lee said, "For a public institution, following the decisions made through legitimate procedures by the National Assembly, which is elected through democratic processes, is not a matter of personal agreement or disagreement."

According to the government reorganization plan announced by the ruling party and the government the previous day, the Financial Supervisory Service will be designated as another public institution, and the Financial Consumer Protection Agency will be separated as an independent organization. Earlier that morning, Lee Chanjin, Governor of the Financial Supervisory Service, reassured staff by stating that active personnel exchanges would be promoted even after the establishment of the new agency.

Regarding personnel exchanges, Lee said, "When implementing organizational changes, the basic principle is to allocate staff based on the current situation at the time of implementation," adding, "It will be realistically difficult to fully reflect the wishes of every staff member." He continued, "Although it will take time, we will strive to ensure that the preferences of our members are reflected through future personnel exchanges."

On the designation as a public institution, Lee stated, "You can consider it confirmed." Regarding the discussion of relocating to a region outside Seoul, he said, "I heard that opinions about relocating public institutions to regional areas were raised during the initial discussions of the National Policy Planning Committee," but clarified, "In the recent discussions regarding the restructuring plan, there has been no discussion about relocating either the Financial Supervisory Service or the Financial Consumer Protection Agency."

Meanwhile, the Financial Supervisory Service is planning to hold a protest against the organizational restructuring at 8 a.m. next month in the main lobby at the front entrance of its Yeouido headquarters. In the financial sector, there is speculation that the labor union of the Financial Supervisory Service, in opposition to the restructuring, may proceed with concrete industrial action procedures, such as holding a strike vote.