[1mm Finance Talk] Why the FSC, Once Saying "We Will Prove Ourselves Through Competence," Is Now Actively Promoting Its Policies

Presidential Office Orders Stronger Policy Promotion
Emphasis on Enhancing Communication with the Public
Senior Officials Appear on Broadcasts Within Five Months of New Administration
Heightened Awareness of the Need for Public Engagement A

The Financial Services Commission has recently been actively promoting its policies. Even senior officials, such as the Chairman and Vice Chairman-who had previously taken a relatively passive approach to publicity-are now directly engaging in online policy promotion. This move is interpreted as a response to the Presidential Office's directive to strengthen communication with the public.

Lee Eogwon, Chairman of the Financial Services Commission, and Kwon Daeyoung, Vice Chairman, have both appeared in succession on KBS News and CBS Radio, respectively, over the past two weeks. It is unusual for senior officials at the Financial Services Commission to take such an active role in external publicity less than five months after the launch of a new administration. This stands in contrast to the previous administration, when former Chairman Kim Byunghwan appeared on KBS to promote policies about four months after taking office.

The increased media appearances by senior officials at the Financial Services Commission are understood to be in line with the Presidential Office's directive to "strengthen policy promotion" following the launch of the new administration. An official from the financial authorities explained, "We are actively conducting media interviews and policy promotion to enhance communication with the public regarding government policies."

Capture of the Financial Services Commission Instagram post.

At the same time, online promotional activities are also being strengthened. The Financial Services Commission is actively utilizing platforms such as Instagram, Facebook, and Naver Blog, and since the launch of the new administration, the frequency of promotion has increased significantly, with two to three pieces of content uploaded each day.

On the other hand, it appears that the Financial Services Commission's experience of facing the threat of dissolution during an organizational restructuring has also highlighted the need for public communication. At the time of the restructuring, the Commission stated its position that "proving our value through competence is enough," and opted for a quiet approach rather than a public response.

The Financial Services Commission oversees major domestic financial policies, including real estate loan regulations, inclusive finance (bad banks), productive finance, insurance reform, capital market revitalization, and corporate restructuring. There have been few major policy controversies or incidents, and the Commission has been recognized within the public sector for its status and expertise equivalent to a central government ministry. Although it is structured as a "commission," its officials are highly capable, and the number of laws under its jurisdiction is relatively large compared to its organizational size.

However, after directly experiencing the threat of dissolution, the Commission appears to have become more aware of the importance of external publicity. An official from another ministry commented, "Everyone acknowledges the expertise and capabilities of the Financial Services Commission, but compared to other ministries, it has fewer personnel dedicated to public relations, publicity, and media response, and has been seen as somewhat passive."

The Financial Services Commission currently has fewer than 400 officials, making it difficult to significantly increase the number of spokespersons. In contrast, in other ministries such as the Ministry of Land, Infrastructure and Transport, Ministry of the Interior and Safety, Ministry of Foreign Affairs, Ministry of National Defense, Ministry of Trade, Industry and Energy, and Ministry of SMEs and Startups, the spokesperson is a first-grade executive, and there are at least two public relations team leaders. Accordingly, the Commission is believed to have established a tailored communication strategy focused on strengthening online promotion and media response.