Likely to Remain as the Last Chairman of the Financial Services Commission
Financial Supervisory Commission Set to Launch on January 2 Next Year
Lee Okwon, the newly appointed Financial Services Commission chairman, is delivering his inaugural speech at the inauguration ceremony held at the Government Seoul Office on the 15th. Photo by Yonhap News
With his official inauguration, Lee Okwon, the newly appointed chairman of the Financial Services Commission, has taken on the responsibility of accelerating major financial reforms such as the national agenda of "productive finance," and of stabilizing internal unrest related to organizational restructuring.
Chairman Lee held his inauguration ceremony at the Government Seoul Office on the afternoon of the 15th and immediately began his official schedule. Although he did not address the organizational restructuring in his official inaugural address, he expressed an accepting stance in a letter to the staff, stating, "As public officials, once a final decision is made, it is our duty and obligation to follow it."
After concluding his official address, Chairman Lee said, "I fully empathize with the confusion, fear, uncertainty about life plans, dreams, and family life that you are experiencing due to the news of organizational restructuring. However, it is also a solemn fact that, as public officials, we must follow the final national decision once it is made, as it is both our duty and obligation."
He added, "Even if the structure of the organization changes, the values and mission we have upheld-contributing to the national economy through financial stability and development-will never be shaken."
After the ceremony, Chairman Lee visited the press room and said, "Right now, our staff members are struggling and feeling confused, so my biggest responsibility is to take care of them. I will listen carefully and do my best to support them until the end."
The Financial Services Commission is currently experiencing significant internal unrest regarding the organizational restructuring. During discussions with the Ministry of the Interior and Safety, there are predictions that more than half of the staff could be transferred to Sejong. The Financial Services Commission currently has 263 employees, but the exact number and criteria for transfers have not yet been determined.
The new organization is set to launch on January 2 next year, but since the details have not yet been finalized, anxiety is growing. It is reported that there is a strong consensus among Financial Services Commission officials that reasonable criteria should be established regarding transfers to Sejong.
It appears that those in charge of financial policy, which will be transferred to the Ministry of Economy and Finance, will be relocated. The future placement of Financial Services Commission officials will likely depend on the organizational structure of the Ministry of Economy and Finance and the Financial Supervisory Commission. The departments, ranks of officials, and the number of positions at each rank will be determined, and based on this, those to be transferred to Sejong will also be decided.
Chairman Lee is expected to become the first chairman of the Financial Supervisory Commission once the restructuring is complete. The future assignments of first-grade officials at the Financial Services Commission also remain uncertain. Currently, there are four first-grade officials: the Secretary General, two standing commissioners, and the head of the Financial Intelligence Unit (FIU). The Secretary General position is currently vacant due to an internal promotion.
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