Financial Services Commission Chairman Lee Eokwon and FSS Governor Lee Chanjin Hold First Meeting, Emphasize "One Team"

Policy and Supervision for "Productive Finance"
Preparing for Organizational Reform with Care

On September 16, newly appointed Financial Services Commission Chairman Lee Eokwon and Financial Supervisory Service Governor Lee Chanjin held their first meeting and emphasized the importance of working as a "one team."

Chairman Lee met with Governor Lee in the Financial Services Commission Chairman's office at the Seoul Government Complex in the afternoon, and they agreed to respond consistently as a single team regarding financial policy and supervisory direction.

The Financial Services Commission and the Financial Supervisory Service decided to improve systems and supervisory practices, starting with the financial authorities themselves, so that funds in the financial sector can flow from unproductive areas such as real estate and secured loans to productive finance, including advanced industries, venture and innovative companies, and regional economies.

They also agreed to expand inclusive finance for vulnerable groups, such as through debt adjustment and the supply of financial services for low-income individuals, and to support the establishment of consumer-centered finance, including the prevention of losses from mis-selling. Accordingly, they plan to proactively and closely manage risk factors through household debt management, a soft landing for real estate project financing, and delinquency rate control in the secondary financial sector.

In addition, Chairman Lee and Governor Lee agreed to calmly prepare the details of the financial supervisory system reform, which is being pursued for the first time in 18 years. The two stated, "We will push forward with the reform to reflect the social demand for stronger financial consumer protection and greater accountability of supervisory institutions, while making special efforts to ensure that no inconvenience arises for financial consumers and institutions during the process."

Meanwhile, Chairman Lee and Governor Lee plan to strengthen communication by meeting frequently. After the biweekly Financial Services Commission meetings, they will hold regular one-on-one meetings between the Chairman and the Governor, and will also activate regular meetings across all levels of the organizations, including working-level staff, to enhance information sharing and communication efforts.