Lee Eog-weon, the newly appointed Financial Services Commission (FSC) Chairman, commenced his official responsibilities by outlining his vision for comprehensive financial reform built around three pillars: "productive finance, consumer-focused finance and trustworthy finance."
Despite resistance from opposition parties, President Lee Jae Myung finalized his appointment. Lee Eog-weon holds the unique distinction of being both the inaugural and final FSC chairman under Lee's presidency, given that the administration and the ruling Democratic Party of Korea have put forward a restructuring proposal. This plan would relocate the FSC's financial policy responsibilities to the Ministry of Economy and Finance while transforming what remains into the Financial Supervisory Committee.
Should the National Assembly approve the proposal on its scheduled September 25 date, the commission would essentially cease to exist.
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Although there is mounting internal opposition to this restructuring plan, Lee chose not to acknowledge these concerns during his opening address. The new chairman instead focused on advocating for financial transformation, spotlighting "productive finance" as a central objective of the Lee administration.
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“The focus of the country’s financial system on easy, collateral-based loans has fueled real estate concentration and household debt. We will shift funds toward productive sectors that can drive Korea’s future,” he says. “We will review regulations and supervision to ensure they do not excessively prioritize stability or encourage real estate concentration, and implement necessary reforms wherever needed.”
The chairman additionally committed to advancing "consumer-centered financial services" to assist at-risk populations, such as households with limited income and owners of small enterprises.
“We will help delinquent borrowers regain economic footing through decisive and rapid debt restructuring,” he said, adding that authorities will closely monitor for unfair practices in debt management and collections.
He also highlighted that preserving the stability of financial markets represents the regulator's primary responsibility, stressing the concept of "reliable finance."
Right after taking office, the newly appointed FSC chief conducted his inaugural official meeting with executives from financial holding companies, encouraging them to increase investments in cutting-edge sectors and provide assistance to small business operators.
The gathering included participants such as KB Financial Group Chairman Yang Jong-hee, Shinhan Financial Group Chairman Jin Ok-dong, Hana Financial Group Chairman Ham Young-joo, Woori Financial Group Chairman Yim Jong-yong, and NongHyup Financial Group Chairman Lee Chan-woo, along with other attendees.
Growing apprehension within the financial sector has emerged regarding the proposed restructuring of financial regulatory bodies, which aims to divide policy-making and supervisory duties. Addressing these concerns, Lee promised to minimize disturbances resulting from duplicated oversight roles and complicated bureaucratic frameworks.
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In the conference, executives from financial holding firms reached a consensus that the sector must carry out its fundamental function of effectively distributing resources to enhance productive financing and aid the country's economic restoration.