Following the Ministry of Economy and Finance and the Financial Services Commission, the Financial Supervisory Service also received mass resignations from all executives. The government appears to be accelerating a personnel shake-up ahead of a reorganization of economic and financial ministries.
According to financial authorities on the 23rd, Ichangjin, the governor of the FSS, asked 11 incumbent executives—including three deputy governors and eight assistant deputy governors—to submit their resignations that day, and all of them did. The resignations have not yet been accepted. An FSS official said, "We need to watch until the resignations are actually accepted," adding, "There is precedent for receiving resignations and then reinstating officials."
Analysts say the government is signaling a strong will to reorganize. The government is pursuing a restructuring plan that would separate the Financial Services Commission's financial policy function and transfer it to the Ministry of Finance and Economy (the successor to the Ministry of Planning and Budget), while reorganizing the remaining body into the Financial Supervisory Commission.