Lee Ok-Won, Chairman of the Financial Services Commission, and Lee Chan-Jin, Governor of the Financial Supervisory Service, held an urgent meeting following the withdrawal of financial regulatory organization reforms to discuss measures for revamping financial administration and supervision.
The Financial Services Commission and the Financial Supervisory Service stated, “We humbly accept the criticism that we did not meet public expectations,” and committed to renewing all aspects of financial administration and supervision with a determined resolve to enhance the public nature and transparency of the consumer protection function.
They outlined three directions going forward: strengthening the function and system for financial consumer protection, transitioning to a field- and consumer-oriented work approach, and increasing the public nature and transparency of the administration and supervision process.
Additionally, they plan to strictly monitor instances such as hacking incidents and mis-selling, and actively pursue state tasks related to consumer protection.
To protect financial consumers, they aim to improve the public nature and transparency of institutional operations and reevaluate the entire financial administration and supervision process to push for institutional improvements.
The Chairman of the Financial Services Commission and the Governor of the Financial Supervisory Service emphasized, “We will work as one team to do our utmost to regain public trust.”