Financial Services Commission and Financial Supervisory Service Chiefs Hold Emergency Meeting: "Focusing on Strengthening Financial Consumer Protection"

First Official Meeting After Withdrawal of Financial Authorities' Restructuring Plan
Pledge to Strengthen Financial Consumer Protection Efforts

Eokwon Lee, Chairman of the Financial Services Commission (right), and Chanjin Lee, Governor of the Financial Supervisory Service, held an emergency meeting on the morning of the 29th at the Financial Services Commission Chairman's reception room in the Government Seoul Office Building in Sejongno, Seoul, pledging to strengthen financial consumer protection functions. Photo by Financial Services Commission

Eokwon Lee, Chairman of the Financial Services Commission, and Chanjin Lee, Governor of the Financial Supervisory Service, held their first emergency meeting after the withdrawal of the financial authorities' organizational restructuring plan, reaffirming their commitment to reform financial administration and supervision. Both institutions especially pledged to strengthen their capabilities in protecting financial consumers going forward.

On the morning of September 29, at 8:00 a.m. at the Government Seoul Office Building in Sejongno, Seoul, the heads of the Financial Services Commission and the Financial Supervisory Service held an emergency meeting. They announced that they discussed promoting reforms in financial administration and supervision to enhance the public nature and transparency of financial consumer protection functions.

Chairman Lee and Governor Lee stated, "We humbly accept the criticism that both institutions have not met the public's expectations," and added, "With a determination for thorough self-reflection, we will reform all aspects of financial administration and supervision to strengthen the public nature and transparency of financial consumer protection functions."

They presented key directions for their future work, including strengthening financial consumer protection functions, transitioning to a field- and consumer-centered approach, and enhancing the public nature and transparency of administrative and supervisory processes.

In particular, to reinforce financial consumer protection, both institutions agreed to pursue reforms in their organizational structure, functions, personnel, and operations. They also plan to strictly supervise consumer damage issues such as hacking incidents and misselling, and to actively advance national policy tasks related to consumer protection. In addition to improving the public nature and transparency of institutional operations for financial consumer protection, they will thoroughly review all processes of financial administration and supervision to strengthen adherence to laws and principles, and will actively identify and implement areas for improvement.

Furthermore, the heads of both institutions pledged to respond thoroughly to internal and external uncertainties, while faithfully fulfilling the core roles of finance: productive finance, consumer-centered finance, and trustworthy finance. They emphasized that by communicating more closely with the field and shifting the focus of their work to consumers and demand, they will transform into organizations that achieve tangible results.

Chairman Lee and Governor Lee stated, "The Financial Services Commission and the Financial Supervisory Service will work as one team to restore public trust," adding, "We will also do our utmost to minimize inconvenience to financial consumers caused by the fire at the National Information Resources Service."