FSS chief should speed up financial reform
A reform-minded professor will take the helm of the Financial Supervisory Service (FSS) Tuesday, boosting hopes that the regulator will speed up financial reform and innovation.
President Moon Jae-in picked Yoon Suk-heun, a visiting professor of business administration at Seoul National University, as FSS chief last week. Yoon's appointment reflected Moon's strong determination to bring drastic change to the financial sector as well as the regulatory system.
Yoon is considered to be a competent figure to lead the supervision of banks and other financial institutions, having served as chairman of the Financial Administration Innovation Committee since Moon's inauguration as President last year.
He is also touted as the architect of the Moon administration's financial reform policy. Yoon has recommended Samsung Group Chairman Lee Kun-hee be subject to a fine for allegedly evading taxes by keeping borrowed-name accounts.
The new FSS governor has also suggested financial firms appoint a member to their boards who is nominated by their employees. In addition, he has called on those firms to improve their governance structure to increase transparency and accountability.
Yoon is required to strengthen prudential regulation in order to improve the financial health of banks, security houses, insurance firms and asset management companies. It is pivotal to establish a better working financial system to provide better services for customers and sharpen the competitive edge of the financial sector.
First of all, he should do his best to restore the credibility of the FSS which was hit hard by the personnel fiasco of his predecessor Kim Ki-sik last month. Kim, an activist-turned-politician, resigned two weeks after he was named last month because he was found to have made an illegal donation to an institute he headed.
Kim's predecessor Choi Heung-sik was also forced to step down over his involvement in recruitment irregularities when he served as the president of KEB Hana Bank.
Against this backdrop, Yoon ought to meet a high level of integrity and expertise. He should not repeat the mistakes of his predecessors so he can win respect from employees of the FSS and financial firms as well as the public.
Yoon also needs to tackle pending issues such as an allegation that Samsung BioLogics breached accounting rules. He must ensure the sound management and operation of securities and investment companies to prevent any fraud.
Another important task of the FSS chief is to root out corrupt ties between the regulator and financial firms. He also should go all-out to advocate the interests of consumers. The FSS cannot and should not drag its feet in reforming itself to better serve the financial sector. We hope Yoon will exercise his leadership to the fullest to make his financial reforms a success.
A reform-minded professor will take the helm of the Financial Supervisory Service (FSS) Tuesday, boosting hopes that the regulator will speed up financial reform and innovation.
President Moon Jae-in picked Yoon Suk-heun, a visiting professor of business administration at Seoul National University, as FSS chief last week. Yoon's appointment reflected Moon's strong determination to bring drastic change to the financial sector as well as the regulatory system.
Yoon is considered to be a competent figure to lead the supervision of banks and other financial institutions, having served as chairman of the Financial Administration Innovation Committee since Moon's inauguration as President last year.
He is also touted as the architect of the Moon administration's financial reform policy. Yoon has recommended Samsung Group Chairman Lee Kun-hee be subject to a fine for allegedly evading taxes by keeping borrowed-name accounts.
The new FSS governor has also suggested financial firms appoint a member to their boards who is nominated by their employees. In addition, he has called on those firms to improve their governance structure to increase transparency and accountability.
Yoon is required to strengthen prudential regulation in order to improve the financial health of banks, security houses, insurance firms and asset management companies. It is pivotal to establish a better working financial system to provide better services for customers and sharpen the competitive edge of the financial sector.
First of all, he should do his best to restore the credibility of the FSS which was hit hard by the personnel fiasco of his predecessor Kim Ki-sik last month. Kim, an activist-turned-politician, resigned two weeks after he was named last month because he was found to have made an illegal donation to an institute he headed.
Kim's predecessor Choi Heung-sik was also forced to step down over his involvement in recruitment irregularities when he served as the president of KEB Hana Bank.
Against this backdrop, Yoon ought to meet a high level of integrity and expertise. He should not repeat the mistakes of his predecessors so he can win respect from employees of the FSS and financial firms as well as the public.
Yoon also needs to tackle pending issues such as an allegation that Samsung BioLogics breached accounting rules. He must ensure the sound management and operation of securities and investment companies to prevent any fraud.
Another important task of the FSS chief is to root out corrupt ties between the regulator and financial firms. He also should go all-out to advocate the interests of consumers. The FSS cannot and should not drag its feet in reforming itself to better serve the financial sector. We hope Yoon will exercise his leadership to the fullest to make his financial reforms a success.
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