Financial Services Commission to be split after 17 years.. Party and Government push for establishment of 'Financial Supervisory Commission'

[Financial News] It is known that the party and government will announce a government organization restructuring plan on the 7th, which includes transferring the financial policy function of the Financial Services Commission to the Ministry of Strategy and Finance and reorganizing the Financial Services Commission into the Financial Supervisory Commission. Although there was speculation that the current system would be maintained, it is interpreted that weight has been given to the reorganization plan led by the Democratic Party and the National Planning Committee. 
According to the political circle on the 3rd, the Democratic Party held a working-level party-government consultation and a policy general meeting on this day to discuss the government organization restructuring plan containing such content. A Democratic Party lawmaker said in a phone call with a reporter, "Policy Committee Chairman Han Jeong-ae explained the reorganization plan of the Ministry of Strategy and Finance and the Financial Services Commission at today's general meeting, and there was no disagreement or opposition within the party." 
Previously, on the 1st, Democratic Party lawmakers belonging to the National Assembly's Political Affairs Committee and the Chief of Political Affairs at the Presidential Office held a closed meeting and reportedly decided to separate the policy function of the Financial Services Commission and establish a new Financial Supervisory Commission. 
The core of the reorganization plan is to transfer the budget function from the Ministry of Strategy and Finance to the Planning and Budget Office, and the Ministry of Strategy and Finance will be changed to the Ministry of Economy and Finance by attaching the domestic financial policy of the Financial Services Commission. The Financial Services Commission will be reorganized into the Financial Supervisory Commission to focus on financial supervision and consumer protection. In addition, the Financial Consumer Protection Office under the Financial Supervisory Service will be separated and newly established as the Financial Consumer Protection Agency.
The Financial Services Commission held a director-level meeting chaired by Vice Chairman Kwon Dae-young on this afternoon to discuss the amendment plan for the Financial Services Commission Establishment Act if the organizational restructuring is confirmed. If the financial authorities' system restructuring plan is confirmed, the Financial Services Commission, which was launched in 2008, will change its signboard after 17 years. 





gogosing@fnnews.com Park So-hyun Choi Jong-geun Reporter