Financial Supervisory Service to Elevate 'Consumer Protection Headquarters'
Executive Appointments Expected Alongside Organizational Restructuring
Attention on Executives Who Have Served More Than Two Years
Lee Eokwon, Chairman of the Financial Services Commission, is speaking at the comprehensive audit of the Financial Services Commission and the Financial Supervisory Service held at the National Assembly in Yeouido, Seoul on October 27, 2025. Photo by Kim Hyunmin
The financial authorities are set to carry out their first regular personnel reshuffle soon. This is drawing significant attention as it will be the first regular reshuffle since Lee Eokwon became Chairman of the Financial Services Commission and Lee Chanjin took office as Governor of the Financial Supervisory Service. In the upcoming director-level appointments at the Financial Services Commission, it is expected that officials who passed the 41st civil service examination and later will take center stage. The Financial Supervisory Service is also expected to carry out executive appointments in conjunction with a reorganization of its consumer protection division. The scope of the reshuffle will likely depend on the future of executives who have served more than two years in their current positions.
According to the financial authorities on November 11, the Financial Services Commission plans to conduct director-level appointments in December. The plan is to finalize all appointments at once, coinciding with the return of staff who have been dispatched to external organizations.
Previously, the Financial Services Commission carried out first-grade executive appointments. Ahn Chang-guk, Standing Commissioner of the Financial Services Commission (41st civil service exam), and Park Minwoo, Standing Commissioner of the Securities and Futures Commission (40th), were both promoted from director to standing commissioner. Former Standing Commissioner Lee Hyungju was transferred to become the head of the Financial Intelligence Unit (FIU, 39th), and former Director Shin Jinchang was promoted to Secretary-General (40th). With the promotion of officials from the 40th civil service exam and later, this was seen as a generational shift. Currently, key positions such as Director-General of Financial Policy, Director-General of Financial Industry, and Director-General of Capital Markets at the Financial Services Commission remain vacant. Department heads are currently sharing director-level responsibilities.
In this round of director-level appointments, it is anticipated that officials from the 41st civil service exam and later will be appointed to major positions. The Financial Services Commission is not a large organization, and unlike the Ministry of Economy and Finance, its work is not clearly divided by function, making it difficult to appoint personnel only to specific departments. Once external dispatches such as Jeon Yoseop (41st, dispatched for training), Son Juhyung (42nd, on external assignment), Ha Jusik (43rd, dispatched to the Office for Government Policy Coordination), and Byun Jeho (43rd, dispatched to the Real Estate Supervisory Organization) return, a comprehensive reshuffle is expected to take place.
Lee Chanjin, the new Governor of the Financial Supervisory Service, is delivering his inaugural speech at the inauguration ceremony held on August 14 at the Financial Supervisory Service in Yeouido, Seoul. Photo by Yonhap News
Meanwhile, the Financial Supervisory Service is expected to complete its executive appointments and organizational restructuring first. The Financial Supervisory Service is likely to carry out executive appointments as early as this month. An official from the financial supervisory authorities stated, "Governor Lee has mentioned in meetings that executives should serve at least about two years," adding, "Depending on the future of executives who have served more than two years, the reshuffle may vary."
Deputy Governor Kim Byungchil was promoted to Deputy Governor in August 2022 and has been serving in this role since September 2024. Kim Miyoung, Head of the Financial Consumer Protection Bureau (at the Deputy Governor level), was appointed as Deputy Governor in December 2021 and has been leading the Financial Consumer Protection Bureau since May 2023. Within the Financial Supervisory Service, it is believed that the promotion or retention of Deputy Governors will depend on the future of these Deputy Governors.
It is likely that organizational restructuring will take place first. Since his inauguration, Governor Lee has emphasized 'consumer protection.' The plan is to elevate the existing Consumer Protection Bureau to the 'Consumer Protection Headquarters.' Additionally, the transfer of the insurance division, which is currently under the Senior Deputy Governor, to the Consumer Protection Headquarters is also being considered.
Typically, when the Financial Supervisory Service seeks to expand its budget or increase personnel, it must consult with the Financial Services Commission. Given this, it is highly likely that executive appointments will be carried out alongside organizational restructuring at the end of this month.
An official from the financial supervisory authorities explained, "The Governor of the Financial Supervisory Service has the authority to reorganize departments under the Deputy Governor, and executive appointments will be conducted separately," adding, "However, regular appointments below the director level should be carried out together after the organizational restructuring is finalized."
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