FSS Governor Lee Chan-jin Vows to Establish Market Discipline Without Stifling Corporate Activity

Lee Chan-jin, Governor of the Financial Supervisory Service, said on the 23rd, "We will establish market discipline within a scope that does not discourage corporate activity, and work to achieve substantive protection for financial consumers."
Speaking at the Korea Chamber of Commerce and Industry (KCCI) building on Namdaemun-ro in Seoul, Lee delivered a lecture titled "Recent Changes in the Financial Environment and the Future Direction of Financial Supervision" at the 45th general meeting of the KCCI Financial Industry Committee. He stated, "We will build a fair and trusted financial market."
Lee noted, "The financial market has recently been undergoing complex structural changes, including greater volatility and the rapid spread of digital finance." He stressed, "The 2026 financial supervisory policy will ultimately aim to protect financial consumers, while supporting economic growth through innovation such as artificial intelligence (AI) and ensuring stability in the financial market." He then highlighted several key tasks: supporting economic growth through productive finance, maintaining financial market stability by managing structural risks such as household and corporate debt, eradicating unfair trading and advancing corporate governance, improving the supervisory framework for IT security and virtual assets, and shifting the paradigm toward preventive consumer protection. He reaffirmed his commitment to implementing these tasks without delay.
Jin Ok-dong, chair of the KCCI Financial Industry Committee and chairman of Shinhan Financial Group, said in his opening remarks, "At a time when external uncertainty is increasing due to conflicts in the Middle East, financial institutions must help stabilize the foreign exchange market through close cooperation with the government and support the real economy by ensuring smooth funding." He added, "As the money move from deposits to the capital market accelerates, we must not only improve transaction convenience but also make every effort to protect financial consumers, including by preventing mis-selling." Jin further emphasized, "Supervision is not a concept that stands in opposition to the market, but a foundation for enhancing market trust. When a predictable policy environment is in place, corporate investment and participation in the capital market can become more active." He concluded, "Internal controls and consumer protection are directly linked to trust and therefore must be embedded in corporate culture."
Around 40 business leaders attended the event, including Kim Shin, vice chair of SKS Private Equity; Pyeon Jeong-beom, special management advisor at Kyobo Life Insurance; Lee Seok-hyun, CEO of Hyundai Marine & Fire Insurance; Lee Wan-sam, executive vice president of Samsung Life Insurance; Kim Dong-wook, executive vice president of Hyundai Motor Company; and Yeo Myeong-hee, executive vice president of LG Uplus.
ehcho@fnnews.com Reporter Cho Eun-hyo Reporter