Financial Supervisory Service faces leadership vacuum amid economic uncertainty
Posted : 2021-05-07 15:27
Updated : 2021-05-07 15:32
Financial Supervisory Service Governor Yoon Suk-heun, center, answers questions from reporters in Seoul on March 30. Yonhap
By Lee Min-hyung
The Financial Supervisory Service (FSS) is facing a leadership vacuum as Governor Yoon Suk-heun ends his three-year tenure on Friday.
It remains unclear who will replace Yoon as Cheong Wa Dae is still mulling a possibly large-scale reshuffle of its economic team.
Finance Minister Hong Nam-ki is taking on a dual role as the leader of the Ministry of Economy and Finance and acting prime minister. There is a chance that the presidential office will reshuffle the head of the financial watchdog around the end of this month when Prime Minister nominee Kim Boo-kyum takes office.
Naver, Kakao excluded from toughened watch list of financial conglomerates
Amid businesses’ concerns, regulators say progress for transparency will be made through revised laws |
(Yonhap)
Financial authorities on Wednesday ruled out Big Tech firms Naver and Kakao as subjects to one of the “three fair economy bills,” designed to rein in dominance of conglomerates and add transparency to corporate governance here.
“At the moment, Kakao and Naver do not meet the standards,” Financial Services Commission Vice Chairman Doh Kyu-sang said in a briefing of related ministries for the revised bills.
Companies with two or more financial units and total assets of over 5 trillion won ($4.58 billion) are targeted by the bills passed by the National Assembly last week. At the moment, six powerhouses Samsung, Hyundai Motor Group, Hanwha, Mirae Asset, Kyobo and DB are confirmed as subjects of the revised bills.