Lee Chan-jin, the new head of the Financial Supervisory Service, noted on the 14th that he will establish a fair market order and significantly strengthen consumer protection functions.
At the inauguration ceremony held that afternoon at the FSS headquarters in Yeouido, Seoul, the new head stated, "I will respond strictly to acts that undermine market order and fairness, such as stock manipulation and abuse of monopoly power, based on the principle of zero tolerance."
The head emphasized that "corporations must establish a fair governance system centered around shareholder value," adding, "I will support the successful implementation of the amendment to the Commercial Act recently passed by the National Assembly, ensuring that the rights and interests of both major shareholders and ordinary shareholders are respected fairly."
The head stated that he would work to innovate the consumer protection system and enhance the professionalism and efficiency of the Consumer Protection Office to protect financial consumers. He noted, "I will significantly strengthen the monitoring function regarding consumer protection in the financial sector and actively utilize supervisory and inspection functions when necessary to prevent consumer harm in advance." He also added, "I will respond vigorously by mobilizing all available resources, including close cooperation with law enforcement agencies, against financial crimes that threaten people's livelihoods."
He promised "financial stability" and "normalization of housing and construction finance." He stated, "I will firmly maintain stable management of the total household debt while breaking the vicious cycle between debt and housing prices to safeguard financial stability."
He also said, "I will quickly resolve remaining issues of project financing (PF) and support the normalization of quality business sites through connection with policy finance, creating a financial environment that enables smooth housing supply." He added that he would "fundamentally improve related systems to prevent the recurrence of PF issues in the future, such as enhancing credit review for PF and supplementing qualification requirements for implementing companies."
The head stated, "To lay the foundation for innovation, I will expand the supply of venture capital from the financial sector to small and venture businesses by introducing a venture capital supply fund and a small and medium enterprise coexistence index."
He said, "In the future, I will fulfill my duties to ensure that the financial industry supports a major transformation of the national economy and establishes itself as a core growth engine."