'Concerns Over Delays'—FSC Accelerates Director-Level Appointments

(Seoul=Yonhap Infomax) Won Jung – The Financial Services Commission (FSC) is expediting the appointment process for key director-level positions, including the Director General of Financial Policy, which have remained vacant for over a month.

With all major posts—such as the Director General of Financial Policy, Financial Industry, and Capital Markets—currently unfilled, there is growing consensus within and outside the financial sector that swift action is needed.

According to industry sources on the 25th, the FSC is considering a round of director-level appointments as early as next month, taking into account the ongoing organizational restructuring schedule and the need for training and secondments.

A senior FSC official stated, "We intend to expedite appointments for these key director positions as much as possible. Given the workload and training requirements, it is difficult to leave these posts vacant for long."

Currently, all director-general positions at the FSC's main departments are vacant. This follows the promotion of former Financial Policy Director General Shin Jin-chang to Secretary General on October 16, and the elevation of Ahn Chang-guk (Financial Industry) and Park Min-woo (Capital Markets) to standing commissioners on October 29.

As a result, Kwon Yu-i, Director of Financial Policy Division (45th Civil Service Exam), is serving as acting Director General of Financial Policy; Shin Jang-su, Director of Banking Division (46th), is acting Director General of Financial Industry; and Ko Young-ho, Director of Capital Markets Division (46th), is acting Director General of Capital Markets. This acting arrangement has now lasted about a month.

An official from the financial authorities commented, "The acting period for the Financial Policy Director General, considered the most critical post within the FSC, has been particularly lengthy. There is a prevailing view that appointments cannot be delayed further, given the need to distribute workloads and ensure prompt decision-making."

The official added, "As Chairman Lee Ok-won has now been in office for over two months, he is expected to use the remaining appointments to clearly signal his policy direction. Through director and division head appointments and organizational restructuring, the FSC will deliver a firm message on its policy stance."

However, some within the FSC believe that, given practical constraints, both division head and director-level appointments could be postponed until next year. This is due to the need for clarity on the return of key candidates from training or secondment, as well as ongoing discussions regarding the establishment of the National Growth Fund Support Team (tentative name).

The FSC is reportedly considering the return of major candidates currently on training or secondment, including Jeon Yo-seop (41st Civil Service Exam), Son Ju-hyung (42nd), Byun Je-ho and Ha Ju-sik (43rd), and Lee Dong-hoon (44th).

Additionally, as the head of the National Growth Fund Support Team is expected to be a director-level official, some expect the FSC to finalize organizational restructuring discussions with the Ministry of the Interior and Safety before proceeding with all appointments at once.

The FSC anticipates that discussions on establishing the new National Growth Fund-related organization will conclude by mid-next month at the earliest.

An industry source said, "If circumstances do not allow, the FSC may handle only the most urgent appointments within this year and postpone broader personnel changes until early next year."

jwon@yna.co.kr

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