FSS recruits experienced lawyers, accountants to strengthen market inspections

The headquarters of the Financial Supervisory Service (FSS) / Newsis

The Financial Supervisory Service (FSS) will be completing the recruitment of a maximum of 25 experienced lawyers and accountants by the end of this month, which is the most extensive recruitment drive carried out by the state-run supervisory agency at any one time to hire in-house professionals.

According to the official recruitment notice from the FSS, the financial supervisory agency aims to hire a maximum of 10 lawyers and 15 accountants, respectively, by the end of this month. Those hired must meet a minimum requirement of more than three years of experience working as in-house professionals at financial companies, accounting firms or law firms.

As the FSS attempts to attract a large number of experienced lawyers and accountants, who are familiar with a financial company's internal transactions or situations, the move is seen as the state-run watchdog agency's plan to strengthen investigations on financial companies. It is currently said that former in-house lawyers at securities firms and asset management firms are to be joining the supervisory authority, and this seems to place a further burden on the financial sector.

The hiring process is due to be completed by the end of October, when market watchers think that large-scale multiple inspections of unfair practices by financial companies will begin at the end of the year or early next year.

Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks during a parliamentary audit held at the headquarters of FSS in Seoul, Tuesday. Yonhap

Throughout the year, the FSS has emphasized its role as supervisory authority, detecting illegal practices by financial companies. In June, FSS Governor Lee Bok-hyun ― former star prosecutor famed for his expertise in financial crimes ― once again vowed to strengthen the agency's role in investigating unfair trade practices in the market.

"The FSS will take strict action against market disruptions, such as unfair trading, illegal short selling, and spreading of malicious rumors,” Lee said during the press conference in June, marking the first anniversary since taking office last year.

In keeping with the governor's word, the FSS announced a series of findings of unfair trade practices and illegal short selling conducted by both local and foreign firms recently. With experienced lawyers and accountants from the financial sector to be joining soon, the FSS crackdown on unfair practices in the market is expected to gain even more strength.