News Pim-Yoon Seok-heon “The Financial Supervisory Service should be’independent'”

[서울=뉴스핌] Reporter Park Mi-ri = Financial Supervisory Commissioner Yoon Seok-heon emphasized the’independence of the financial supervision system’ again. The private equity crisis, which has continued since last year, also revealed the idea that the current supervisory system had a cause.

Director Yoon said at a press conference on the afternoon of the 23rd, “If you look at the financial accidents that occur in Korea, the government creates risks in some cases while trying to foster the financial industry, and the risks eventually act as a burden on consumers.” It is not different from that frame due to the recent private equity crisis following the bank and the East Asian crisis.”

[서울=뉴스핌] Reporter Kim Hak-seon = Financial Supervisory Commissioner Yoon Seok-heon gives a congratulatory speech at the’Business Sector Vulnerability: Diagnosis and Tasks’ symposium held at the Bank Hall in Myeong-dong, Jung-gu, Seoul on the afternoon of the 7th. 2020.12.07 [email protected]

“If this continues to happen, there is a possibility that trust-based finance will be shaken,” he said. “The supervisory position is arguing that the independent supervisory system is necessary in order to gain consumer trust and avoid consumer damage,” he said. .

In accordance with the’Act on Establishment of the Financial Services Commission, etc.’, the Financial Services Commission, a governmental institution, has a public private institution, the Financial Supervisory Service, under its control and supervises. The division of duties is a form where the Financial Services Commission is in charge of the financial industry inspection and financial supervision policy, and the FSS only executes financial supervision (financial company inspection and supervision).

Director Yoon said, “In the current dual supervisory system, the responsibility between supervisory policy and supervisory execution is unclear, which leads to inefficient financial supervision, which leads to consumer damage.” “Financial supervision must maintain a minimum of independence. An organic operation between executions should take place,” he commented.

“Recently, regarding the financial supervisory system, the National Assembly Legislative Investigation Office recently released a report that the system was urgently reorganized, and the IMF also recommended that it be better to give the FSS more operational and executive authority when evaluating the financial sector in March this year.” I put my power on.

Director Yoon has argued for independence from the Financial Supervisory Service since he was a scholar. Even when taking office two years ago, unlike its predecessors, “The reason why the public evaluation toward the FSS was not friendly is because the FSS was not able to perform its role independently. In order to properly perform financial supervision, it is necessary to maintain independence.” Emphasized.

Last October, the National Assembly audit of the National Assembly said, “When the Lee Myung-bak administration started in 2008, the Financial Services Commission started, but for the contradictory purpose of fostering and supervising the financial industry, the seeds of the problem have been raised from the start.” He has poured out his thoughts.

However, it is reported that the Financial Supervisory Service has not yet submitted a’independence plan’ to the National Assembly. Director Yoon said, “We are considering various alternatives including overseas cases.”

Regarding the’reorganization of the supervisory system’, Director Yoon said, “Up to now, market information has not been immediately reflected in the policy and the purpose of the policy has been brought down to the execution and it seems that the organic operation to reach the market has not been well done.” I need to do it,” he said.

[email protected]

Source