FSS Union: "Relocation to Regional Areas Is a Terrible Move... Supervisory Capabilities Will Rapidly Decline"

Union Issues Statement Urging Halt on the 17th
"Enormous Additional Operating Costs Expected"

The labor union of the Financial Supervisory Service, which is being mentioned as a potential candidate for the government's second round of public institution relocations, has publicly voiced its opposition.

On August 17, the Financial Supervisory Service union released a statement, saying, "It is an extremely poor move to push back even the supervisory institution that should be overseeing financial matters on the frontlines into a second-line position," and criticized, "This is the result of being fixated solely on the uniform goal of relocating most public institutions, while thoroughly ignoring the voices of consumers and those in the financial field."

The union pointed out, "91.6% of the headquarters of financial companies, 88.3% of on-site inspection targets, and 72.7% of listed company headquarters are concentrated in the Seoul metropolitan area. For hundreds of permits, various filings, and on-site inspections that occur every year, requiring face-to-face meetings, sending Financial Supervisory Service employees on return business trips to Seoul is not only inefficient but also incurs significant additional operating costs."

The union continued, "If a mass exodus of key professionals were to occur as well, supervisory capacity would rapidly deteriorate within the increasingly sophisticated financial environment, and the damage to consumers would spiral out of control."

The union concluded, "We strongly oppose the relocation of the Financial Supervisory Service to a non-metropolitan area, which could put the national financial system at risk and undermine financial market stability and consumer protection."

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