Financial Services Commission Secretary General: "Financial Supervisory Service Clearly Under FSC Guidance and Supervision"

Shin Jin-chang, Secretary General of the Financial Services Commission, emphasized the relationship with the Financial Supervisory Service by stating, "The law stipulates that the Financial Supervisory Service must perform tasks entrusted by the Financial Services Commission under its guidance and supervision."

During a press briefing on the 13th regarding the Financial Services Commission's work report, Secretary General Shin responded to a question about why only the Financial Supervisory Service was excluded from this report's target organizations, saying, "Regardless of whether the Financial Supervisory Service is included as a related institution for reporting, the relationship between the Financial Services Commission and the Financial Supervisory Service is clearly defined by the Act on the Establishment of the Financial Services Commission."

There has been speculation that the exclusion of the Financial Supervisory Service-a representative related institution-from the list of financial public and related institutions under the Financial Services Commission that began reporting the previous day reflects a shift in the status or power dynamics between the two organizations.

Secretary General Shin explained the relationship between the two institutions as stipulated by the Act on the Establishment of the Financial Services Commission, emphasizing, "No other interpretation beyond this law is possible."

He also stressed, "From this perspective, there should be no difference in understanding between the two organizations that pursuing financial policy or supervision in this way contributes to the stability of the financial market and the convenience of people's financial lives."

Meanwhile, the Financial Services Commission stated that it does not have a finalized position regarding the designation of the Financial Supervisory Service as a public institution.

Secretary General Shin explained, "We are currently considering what changes would occur if the Financial Supervisory Service is designated as a public institution and who should exercise democratic control and in what manner."