Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Yoon administration expected to appoint heads of financial authorities soon
The signboard of Financial Services Commission (FSC) in central Seoul / Yonhap
By Anna J. Park
By Anna J. Park
With the completion of the June 1st local election, the market's focus is now on when the Yoon Suk-yeol administration will carry out the delayed appointments of the heads of key financial authorities ― the Financial Services Commission (FSC) and Financial Supervisory Service (FSS).
Since the resignation of FSC chief Koh Seung-beom in early May, the top post at the financial regulator remains vacant. There have been reports that Kim Joo-hyun, chair of the Credit Finance Association, has been selected to lead the FSC. However, the appointment of a new FSC chief has yet to be announced, only increasing uncertainty in the market.
As the appointment of the country's top financial regulator is being delayed, other state-run organizations, such as the Financial Supervisory Service (FSS) and Korea Development Bank (KDB), are also seeing those positions remain vacant.
The situation is unusual when considering that the appointment of the FSC chief comes as one of the first priorities when a new administration starts. This is largely due to the fact that the FSC chairman has the right to recommend the heads of state-run banks.
With the top post at the FSC remaining empty, the FSS has also been without a head since mid-May when its governor Jeong Eun-bo tendered his resignation. There have been reports that Lee Byung-rae, vice chairman of the Korean Institute of Certified Public Accountants (KICPA), will be leading the supervisory organization under the Yoon administration. But the appointment has yet to take place.
Who will be leading the KDB is another major issue, due to the state-run bank's controversial projects, such as the unsuccessful sale of SsangYong Motor and KDB Life, as well as the bank's relocation to Busan.
“As there are many tasks that the top financial regulator should handle, the post can't remain vacant for long. The appointment is likely to come as the local election is over now,” a financial analyst said.