More than 480 employees have left the Financial Supervisory Service over the past five years. As the FSS is being mentioned as a candidate for the government's second round of public institution local transfer, there are concerns that the outflow of younger employees could increase further.
On the 23rd, according to data submitted by the office of Park Seong-hun of the People Power Party, a member of the National Policy Committee, from 2022 through July this year a total of 481 employees left the Financial Supervisory Service.
By year, departures were 102 in 2022, 103 in 2023, 110 in 2024, and 112 last year, exceeding 100 every year. This year as well, 54 people left through last month.
In particular, the outflow of younger employees handling on-the-ground work stood out. Among those who left over the past five years, there were 26 in their 20s, 71 in their 30s, and 83 in their 40s, totaling 180 in their 20s to 40s. That is 37.4% of all departures. Of the 54 who left this year, 27—half—were in their 20s to 40s.
Recently, as the FSS has been mentioned as a candidate for the government's second round of public institution local transfer, there are also concerns inside that the outflow of younger employees could accelerate.
In a survey conducted by the FSS labor union of 1,538 members, 82.5% of employees under 40 said they would actively consider changing jobs in the event of a local transfer. That was 12.8 percentage points higher than the overall response rate of 69.7% across all age groups.
Large law firms stood out as reemployment destinations for former FSS employees. Over roughly the past 10 years, from 2016 through July this year, the place that most often underwent employment reviews by the Public Officials Ethics Committee was KIM&CHANG, with a total of 25 cases.
Next were Lee & Ko with 12 cases, YulChon with 10, Sejong with 9, Taepyeongyang with 8, and HwaWoo with 6. Recently, there have also been cases of moves into the virtual asset industry closely tied to the FSS's supervision and inspection work. Dunamu-related employment reviews numbered 9, and the Bithumb and Bithumb Korea affiliates had 7.
Park Seong-hun said that if cases continue in which FSS employees who supervised and sanctioned financial companies move after retirement to the supervised companies or related law firms, trust in the supervisory authority could be undermined, noting that there is a need to tighten employment reviews.