Public Institution Management Committee “Reservation of Public Institution Designation by Financial Supervisory Service”

Evaluation of the normal performance of the existing reservation conditions
Cases of lack of supervision, imposition of strengthened conditions considering the independence of financial supervision

The Financial Services Commission and the Financial Supervisory Service are competitively organizing a regular consultative body centered on external experts related to the digital industry. [사진: 금융감독원] — The Ministry of Strategy and Finance held a Public Institution Steering Committee on the 29th to discuss whether the Financial Supervisory Service should designate a public institution. The Ministry of Information and Communication decided to reserve the designation and impose reinforced conditions. The picture shows Financial Superintendent Yoon Seok-heon [사진: 금융감독원]

[디지털투데이 강진규 기자] The designation of a public institution for the Financial Supervisory Service has been suspended.

On the 29th, the Ministry of Strategy and Finance held the Public Institution Steering Committee (hereinafter referred to as Gongwoon Committee) under the head of the Second Vice Minister of the Ministry of Strategy and Finance at Seoul Government Complex Ahn Il-hwan and discussed whether the Financial Supervisory Service was designated as a public institution. Said that it has been decided.

The Gongun Committee explained, “At this Gongun Committee, the necessity of designating a public institution for the Financial Supervisory Service was discussed. First, the Gongun Committee reviewed the status of implementation of the existing reservation conditions, and evaluated that it is generally in normal implementation.”

However, the Gongwoon Committee said it decided to defer the designation of the Financial Supervisory Service, but impose reinforced conditions, taking into account the recent cases of poor supervision and independence in the execution of financial supervision.

The Gongwoon Committee decided to increase the fairness and objectivity of management performance evaluation by expanding the proportion of metrics from the 30% range to 40% and reimbursing performance pay when fraudulent behavior is identified in the evaluation process.

In addition, it was decided to internalize the customer satisfaction survey of the FSS to the level of public institutions, conduct it annually, and reflect the results in management evaluation. It is also planning to prepare measures to improve the efficiency of organizational operation, such as further reduction of the upper ranks of the Financial Supervisory Service and overhaul offices.

The Gongun Committee explained that it will actively review the designation of public institutions if the FSS’s performance is insufficient in the future.

Reporter Kang Jin-kyu [email protected]

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