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Lee Ok-won, Chairman of the Financial Services Commission (Photo = Yonhap News) |
[Alpha Biz= Kim Jisun] Seoul, September 20, 2025 – South Korea’s Financial Services Commission (FSC), which is slated for dissolution under the new government’s fiscal and financial reorganization plan, has requested the resignation of all its senior executives.
According to financial authorities, FSC Chairman Lee Ok-won on September 19 asked four senior-level officials to tender their resignations. The officials include Lee Hyung-joo and Kim Beom-gi, standing commissioners of the FSC; Lee Yoon-soo, standing commissioner of the Securities and Futures Commission (SFC); and Park Kwang, head of the Financial Intelligence Unit (FIU).
While the legal term of office for FSC and SFC standing commissioners is three years, it has been customary for senior officials to serve only one to two years before moving to other posts. Observers note that the resignations were widely expected, given the early change of administration following the president’s impeachment and the government’s broader push for organizational restructuring.
The move follows a similar step by the Ministry of Economy and Finance (MOEF), which last week collected resignations from seven of its own senior officials, including vice ministers and directors in charge of international, fiscal, and budgetary affairs.
Under the restructuring plan agreed earlier this month by the government and ruling Democratic Party, the MOEF will be reorganized into the Ministry of Finance and Economy starting January 2, 2026. The FSC’s financial industry policy functions will be transferred to the new ministry, while the FSC itself will be merged with the Financial Supervisory Service (FSS) to form a Financial Supervisory Commission. Additionally, the FSS’s consumer protection and market conduct oversight functions will be spun off into a newly established Financial Consumer Protection Agency.
알파경제 Kim Jisun (stockmk2020@alphabiz.co.kr)
