Shin Jin-chang, the newly appointed Vice Chairman of the Financial Services Commission, stated that it is time to pay even greater attention to financial stability, citing hacking incidents in the financial sector and increased volatility in capital and real estate markets. Regarding the relocation of the Financial Services Commission to the provinces, he noted that staff are feeling flustered and concerned, and said he would convey their requests during the Ministry of the Interior and Safety’s opinion-gathering process.
Vice Chairman Shin visited the Financial Services Commission press room on the afternoon of the 16th and emphasized, “We are in a situation where we need to pay more attention to overall financial stability,” adding, “Close communication with relevant institutional investors is more important than ever for financial stability.”
Vice Chairman Shin cited “volatility in capital markets, IT incidents, and the still-unstable real estate market” as factors requiring caution regarding financial stability.
Regarding the relocation of the Financial Services Commission to the provinces, he explained that a senior management meeting chaired by Financial Services Commission Chairman Lee Eui-won was held immediately after the government’s announcement on the 13th, and that he subsequently met with staff to hear their opinions. He noted that approximately 100 to 150 people attended at the time, and that the conversation lasted for more than an hour.
Vice Chairman Shin said, “Apart from moving to a leased office building in the second half of the year to eliminate the inconvenience of staff commuting, there was only the government’s broad decision-making framework,” adding, “There wasn’t much more I could say to the staff, but the purpose was to listen to their concerns and worries.”
Regarding the mood among staff, he conveyed that they are “primarily flustered and worried.” He noted that alongside opinions on how to carry out the Financial Services Commission’s core duties amid recent market conditions, comments were also made such as, “If the environment changes, the organizational culture must change somewhat as well.”
Vice Chairman Shin expressed the view that it is important to convey staff requests to the Ministry of Land, Infrastructure and Transport and the Ministry of the Interior and Safety, among others, and ensure they are reflected. Regarding specific methods of transmission, he said, “The Ministry of the Interior and Safety stated that it would gather opinions,” adding, “Since the Ministry of the Interior and Safety will hear opinions from other institutional investors through various channels in the future, we will speak then.”
He explained that whether the Financial Supervisory Service will relocate simultaneously has not yet been decided. Vice Chairman Shin said, “We are in a state of uncertainty, and it was stated that an announcement would be made around November or the fourth quarter,” adding, “Once we see the content of the announcement, it will be determined how the Financial Supervisory Service and the Financial Services Commission will be physically arranged, so we will think carefully to ensure the market is not concerned.”
Furthermore, he stated that after the currently ongoing national audit, he would focus on major legislative tasks and securing next year’s budget. Vice Chairman Shin said, “We must do a good job of making efforts to secure the budget so that what our Financial Services Commission intends to do can be properly accomplished.”
in FINANCE
