Lee Chanjin Voices "Serious Concerns, Opposes Designation of FSS as Public Institution" [2025 Audit]

Lee Chanjin, Governor of the Financial Supervisory Service, is attending the 2025 National Assembly Political Affairs Committee audit held at the National Assembly on the 21st, responding to questions from lawmakers. Photo by Yonhap News

Lee Chanjin, Governor of the Financial Supervisory Service, has made it clear that he opposes the designation of the Financial Supervisory Service as a public institution.

On the 21st, during the National Assembly Political Affairs Committee audit held in Yeouido, Seoul, Lee responded to a question from Lee Heonseung, a lawmaker from the People Power Party, regarding his view on the possible designation of the Financial Supervisory Service as a public institution. He stated, "My personal conviction is that there are very serious concerns about designating it as a public institution."

He added, "Regarding the designation as a public institution, the Public Institution Management Committee, which will be launched in accordance with the revised law, will likely make a decision after considering a wide range of opinions. From the perspective of both the Financial Supervisory Service and myself, I believe that, in terms of independence and neutrality, it is necessary to approach this decision with great caution in line with international principles."

Last month, the government withdrew its plan to reorganize government agencies, which prevented the separation of the Financial Consumer Protection Agency from the Financial Supervisory Service. However, the possibility of designating the Financial Supervisory Service as a public institution remains open. The government’s Public Institution Management Committee will make the decision in January next year.