**[Anchor]**
The reorganization of financial authorities has returned to square one.
There was a plan to rename the Financial Services Commission to the Financial Supervisory Commission and to separate the Financial Supervisory Service as the Financial Consumer Protection Agency.
However, since no one welcomed this organizational restructuring, and criticisms emerged about administrative inefficiencies, the ruling and opposition parties, along with the government, have decided to maintain the current financial organizational structure.
Reporter Jeong Dong-jin, this morning (25th), it was decided not to pursue the financial organizational reform?
**[Reporter]**
Yes, that’s correct.
This morning, the ruling and opposition parties, along with the government, held a closed high-level meeting at the National Assembly, where they decided to reconsider the reorganization of the financial authorities from the beginning.
Previously, the Democratic Party had pushed for a restructuring that involved transferring the financial policy functions of the Financial Services Commission to the Ministry of Economy and Finance, redesignating the Financial Services Commission as the Financial Supervisory Commission, and elevating and separating the consumer protection department within the Financial Supervisory Service to a standalone Financial Consumer Protection Agency.
Concerns had been raised about potential conflicts between policy and supervision functions, undermining the independence of financial supervision, and issues such as the costs of separating IT systems and department relocations.
However, in today’s meeting, it was agreed not to immediately pursue this financial organizational restructuring.
As a result, it is expected that the current structure of the Financial Services Commission and Financial Supervisory Service will be maintained.
This is Jeong Dong-jin from SBS Biz.
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