Financial Services Commission Avoids Dissolution… Lee Eok-yeom "Last Chance to Gain Public Trust"

Urged at an executive meeting

As the Financial Services Commission was excluded from the government organization law revision and thus avoided the threat of dissolution, Chairman Lee Eok-yeom emphasized organizational renewal and the restoration of trust. He said public and market scrutiny remains severe and urged, "The Financial Services Commission must embark on change with the extraordinary resolve that this is the last chance."

At an executive meeting on the 29th, the chairman said, "We must boldly innovate the organization and the overall way of working to fundamentally resolve consumer harm caused by financial accidents and financial crimes, issues of publicness and transparency in financial administration and lack of on-site communication, and the insufficient support for livelihoods and the real economy."

He said, "To this end, with a renewed resolve, we will consult with relevant ministries on reorganizing the organization and duties to strengthen finance's core roles, such as enhancing consumer protection functions."

He added, "To achieve a major shift to consumer-centered finance, we must first change our existing way of thinking," and urged, "Please focus on the various missions given to the Financial Services Commission, such as thorough crisis response to domestic and external uncertainties, a major shift to productive finance and revitalization of the capital market, and producing tangible results in inclusive finance."

The chairman also emphasized, "The wall that the Financial Services Commission appears to the market remains high," and said, "Keep in mind that the authority of government authorities comes not from power but from competence, and approach all tasks with humility."

Shin Min-kyung Hankyung.com reporter radio@hankyung.com