FSS Emergency Committee "9,000 Articles in Two Days"... Parliament Convenes for the First Time in 17 Years

Urges Suspension of Legislative Response TF Operations

Financial Supervisory Service Employees Protest Against Organizational Restructuring (Seoul=Yonhap News) Reporter Lim Ji-woo = Financial Supervisory Service employees hold a rally at the FSS lobby in Yeouido, Yeongdeungpo-gu, Seoul on the 11th to oppose the government's organizational restructuring plan to separate the Financial Consumer Protection Agency from the FSS and designate it as a public institution. 2025.9.11 wisefool@yna.co.kr

The Financial Supervisory Service (FSS) Emergency Committee stated on the 18th that "the legislative response task force (TF) for the organizational restructuring plan within the FSS has only about two days for bill review, which is a hasty legislative process," and urged the suspension of the TF's operations.

In a statement released yesterday, the Emergency Committee argued, "It is known that over 50 bills, including the Financial Supervisory Commission Establishment Act and the Banking Act, need to be amended, with more than 9,000 articles to be revised for the reform of the financial supervision system, and this is to be reviewed in such a short period of two days."

They criticized, "While the reform of the financial supervision system is being pursued under the pretext of strengthening financial consumer protection, in reality, it amounts to acknowledging hasty legislation for financial deregulation."

They warned executives and department heads to suspend the TF's operations and to refrain from issuing related work instructions to employees.

They emphasized, "The establishment of the Financial Consumer Protection Agency is a detrimental reform that severely undermines financial consumer protection functions and directly opposes the will of all FSS employees." They added, "Continuing to operate the TF would be to condone a superficial reform of the financial supervision system and to actively abandon financial consumer protection."

In response, an FSS official said, "We first requested the separation of the FSS Governor and the Consumer Protection Agency Governor in individual laws," adding, "We are not intending to review all laws in two days."

The Emergency Committee also plans to hold a rally in front of the National Assembly during lunchtime today. This marks the first time FSS employees have marched to the National Assembly in 17 years, since the protest against the revision of the financial supervisory body in 2008. Yonhap News