Meeting Between FSS Governor and CEOs of Foreign Financial Institutions
Lee Chanjin, Governor of the Financial Supervisory Service, is attending the 'Financial Supervisory Service Governor - Financial Investment Company CEO Meeting' held at the Korea Financial Investment Association in Yeouido, Seoul on September 8, 2025. Photo by Kang Jinhyung
On September 15, Lee Chanjin, Governor of the Financial Supervisory Service, stated, "Given the increasingly complex structure of financial products, foreign financial institutions also need to place greater emphasis on protecting financial consumers."
That morning, Governor Lee held a meeting with the CEOs of 25 foreign financial institutions at the Conrad Hotel in Yeouido, where he delivered requests regarding the protection of financial consumers' rights and interests.
At the meeting, Governor Lee first emphasized the establishment of management principles centered on the rights and interests of financial consumers. He said, "Although there may be differences in business practices between domestic and foreign financial institutions, there can be no difference when it comes to protecting financial consumers. Please prioritize the rights and interests of financial consumers throughout the entire process, from product design and sales to after-sales management."
He also stressed that, in an environment where both domestic and external uncertainties persist, risk management is both a key responsibility and a core competitive strength for financial institutions.
Governor Lee requested, "Foreign financial institutions should establish efficient internal control systems that take into account the characteristics and regulatory environment of the Korean financial market, and strive to ensure that proactive risk management can be implemented based on these systems."
Additionally, he noted that the interest of foreign financial institutions is necessary to enhance the dynamism of the Korean financial market. Governor Lee stated, "The government plans to continue various efforts to promote productive finance, such as fostering innovation in existing core industries like semiconductors and cultivating future industries such as artificial intelligence. In this process, many new business opportunities are expected to be created for global financial institutions and investors, so I ask foreign financial institutions to show great interest in Korean companies and the capital market and to actively invest."
The CEOs of foreign financial institutions expressed their intention to actively respond to the supervisory direction of the financial authorities in order to contribute to both the qualitative and quantitative growth of Korea's financial sector.
They also offered suggestions on measures to strengthen Korea as a financial hub and the need for a strategic and systematic approach to Korea's inclusion in the MSCI Developed Markets Index. In addition, they requested that regulations be applied flexibly, taking into account various specific characteristics such as the size and business models of foreign financial institutions.
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