Conflict concerning the new government’s revised financial policies and supervisory organizations is tumbling into an ugly battle of turf. on one side are the Financial Supervisory Commission (FSC), the Ministry of Finance and Economy’s (MOFE) Financial Policy Bureau and other government officials while on the other side of the line is the Financial Supervisory Service’s (FSS) private citizens in quasi-government official statuses. The fiercest fight in relations to the government’s reorganized structure seems to take place between these two parties. Relaxing financial regulations, resolving duplicated regulations and other original purposes of the reorganization are shoved aside.
The conflict was pointed towards a wrong direction in the first place. It would have been better to first combine the regulations and then cut back on the personnel. Currently, the fight surrounds the positioning and authority of FSS and the Financial Commission, to be newly created by merging FSC and MOFE’s Financial Policy Bureau together.
Public officials assert that it is proper for the Financial Commission to exercise supervisory regulation rights as it is the special authority of government officials. Meanwhile, FSS states that government officials are attempting to trample down subordinate institutes while the governmental organization is being revamped thus is busy drawing up emergency committees to deliver petitions and statements.
Whether it is a government organization or a private institute, it is optimal to unify the financial supervisory organization. If it is difficult to make the merger immediately, the two institutes must first cut back on their staff number. FSC started off with 19 officials in the beginning and is now bloated by four-fold to 81. When including the 69 non-permanent staffs, it totals to 150. FSS is similarly hefty. The institute kicked off with 1,693 workers in 1998 when four supervisory institutes were united. The institutes had slimmed down the following year to 1,342 via restructuring but the current number stands at 1,589.
[Translated by Dong-eun Lee / KHS]
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
The conflict was pointed towards a wrong direction in the first place. It would have been better to first combine the regulations and then cut back on the personnel. Currently, the fight surrounds the positioning and authority of FSS and the Financial Commission, to be newly created by merging FSC and MOFE’s Financial Policy Bureau together.
Public officials assert that it is proper for the Financial Commission to exercise supervisory regulation rights as it is the special authority of government officials. Meanwhile, FSS states that government officials are attempting to trample down subordinate institutes while the governmental organization is being revamped thus is busy drawing up emergency committees to deliver petitions and statements.
Whether it is a government organization or a private institute, it is optimal to unify the financial supervisory organization. If it is difficult to make the merger immediately, the two institutes must first cut back on their staff number. FSC started off with 19 officials in the beginning and is now bloated by four-fold to 81. When including the 69 non-permanent staffs, it totals to 150. FSS is similarly hefty. The institute kicked off with 1,693 workers in 1998 when four supervisory institutes were united. The institutes had slimmed down the following year to 1,342 via restructuring but the current number stands at 1,589.
[Translated by Dong-eun Lee / KHS]
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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