Lee Bok-hyun, the head of the Financial Supervisory Service, expressed his apologies as he concluded his three-year term. He stated, "It's all due to my shortcomings," regarding the discord with related organizations and conflicts with private financial firms during his tenure.
On the morning of the retirement ceremony held at the Financial Supervisory Service headquarters in Yeouido, Seoul, he made these remarks. He noted, "I apologize to the various related organizations and financial firms who have felt uncomfortable due to my rigid attitude and obsession with principles while dealing with various financial issues." This can be interpreted as an apology for the repeated conflicts with the National Assembly and the Financial Services Commission during his term.
Additionally, he extended his apologies to the staff of the FSS. He stated, "I express my gratitude and apologies to the seniors who were forced to make concessions early on in the process of restructuring the FSS into an innovative organization, and to the employees who quietly bore my ambitions."
The message emphasized in his farewell speech was about financial reform. He stated, "The core function of finance is efficient resource allocation and mediation," and added that "the continuous development of the financial industry is an indispensable factor in securing stagnant growth momentum."
He hinted that he would continue to engage in economic and financial-related activities in the future. Meeting with reporters before the retirement ceremony, he said, "Whether it becomes writing or something else, I will express my opinions," and added, "I hope to continue discussing economic and financial matters." He further expressed his desire, stating that "after seeing financial issues during my tenure at the FSS, I have become better at sensing related matters, but my perspective has narrowed as I mainly looked at current issues. I hope to be able to conduct research at a financial research institute."
He was appointed as the head of the FSS in June 2022. He was the first head with an inspection background since the establishment of the FSS and is also the youngest head in history. He earned the nickname "the axe man" for pressuring the financial sector from the very beginning of his term, which was marked by ongoing controversies over government control of finance. Rigorous inspections and interim results announcements targeting financial firms became the trademark of Lee Bok-hyun's leadership. However, the interim results announcements were criticized for tarnishing the credibility of the FSS. Additionally, he often faced backlash for comments and attitudes that fell outside the responsibilities of the FSS head, particularly his support for the revision of commercial law and his comment that he would "bet his position."
Meanwhile, the FSS will operate under the acting leadership of First Deputy Commissioner Lee Se-hoon for a while. The Lee Jae-myung administration can appoint the head of the FSS, who holds the vice-ministerial level, without going through a personnel hearing.