[사설] Litigation in line for unreasonable financial CEO disciplinary action, like to destroy the FSS authority by himself

Financial companies are protesting when the Financial Supervisory Service has notified the chief executives of the financial sector (CEOs) with heavy disciplinary measures in connection with the poor sale of private equity funds. Not only have supervisors blamed for giving responsibility to financial institutions without taking responsibility, but complaints about the adequacy of disciplinary action have emerged. As cases of filing administrative lawsuits against disciplinary action continue, some point out that financial authorities are destroying their own authority through unreasonable discipline.

On the 3rd, the Financial Supervisory Service (FSS) notified a `cautionary warning` to Shinhan Financial Group Chairman Cho Yong-byeong, a `consultant warning` to Shinhan Bank President Jin Ok-dong, and a `job suspension` to Woori Finance Chairman Son Tae-seung. The disciplinary punishment for the CEO of a financial company was finalized through the FSS Sanctions Deliberation Committee, the Increased Commission, and the Financial Services Commission. Financial company executives are restricted from employment in financial companies for 3 to 5 years if they receive severe disciplinary action such as dismissal advice, job suspension, or reprimand warning.

The Financial Supervisory Service has an attitude that, as there is a statement about internal control in the Holding Company Act, the holding chairman, who has banks and securities companies as affiliates, should also be held responsible for neglect of management related to the sale of private equity funds. On the other hand, banks are refuting that it is excessive to punish the bank manager because most of the sales of non-deposit products such as funds are paid only up to the line of the executive in charge. In relation to the DLF crisis last year, Woori Finance Chairman Son Tae-seung and Hana Financial Group Vice Chairman Ham Young-ju were sued for severe disciplinary action. Unlike in the past, the reason why financial institutions are so opposed to the discipline of the authorities is simple. This is because it judges that there are legal issues and lack of reasonable grounds for disciplining the CEO of a financial company. Those involved in illegal financial activities that have caused damage to a large number of consumers deserve severe punishment. However, there must be a reasonable and clear causal relationship between responsibility and the level of discipline. If you overdo the discipline in a way that you can show to the victims, such discipline will not be convincing and will shake the authority of the financial authorities.
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