Woori Financial Group logoThe Financial Supervisory Service of Woori Financial Group[316140]and Woori Bank of the comprehensive inspection plan, but abruptly ‘suspended’ it.
There is an interpretation from inside and outside the FSS that the head of the Financial Supervisory Service Jeong Eun-bo, who advocated ‘support rather than regulation’, is trying to lose the power of the comprehensive inspection.
An official from the Financial Supervisory Service said on the 2nd, “Considering the COVID-19 situation, we have temporarily suspended the comprehensive inspection plan.”
The official added, “We have not canceled or withdrawn the comprehensive examination, but will postpone it for now and review the schedule.”
An official from the financial sector said, “I understand that the FSS has notified Woori Financial that the comprehensive inspection will be carried out according to next year’s plan.”
The Financial Supervisory Service (FSS) announced that it would conduct an evaluation of the management status of SC First Bank instead of a comprehensive inspection of Woori Financial Group.
Woori Bank received a management status evaluation in October 2018, and has not undergone a comprehensive audit since Woori Financial Group was established in 2019. Among the five major financial holding companies, Woori Financial was the only one that did not undergo a comprehensive inspection.
According to the comprehensive audit plan established at the beginning of the year, the FSS even sent a request for data to Woori Financial in advance, but the plan was exceptionally canceled.
Eun-bo Jung, President of the Financial Supervisory Service▶ Click here for a larger view
The general prosecutor was revived in 2018 after Yoon Seok-heon, former head of the Financial Supervisory Service, took office. Naturally, it symbolizes the strong financial supervision principle of former Financial Supervisor Yoon Seok-heon, who put consumer protection first and strengthened supervision of financial companies.
Since taking office, President Jung emphasized communication with the market, saying, “The main duty of the financial supervisor is support, not regulation,” and predicted that the ‘day’ of the comprehensive inspection would become dull, both inside and outside the FSS.
Earlier, an official from the Financial Supervisory Service told Yonhap News Agency, “It is not expected that the comprehensive inspection will be conducted as intensely as it was during the time of the former director.”
First, it can be expected that the framework of the comprehensive inspection will be changed and then resumed.
The Financial Supervisory Service did not give a clear answer on whether or not the comprehensive inspection of Woori Financial Services will be implemented next year, although it is not ‘withdrawn’ or ‘cancelled’.
An official from the Financial Supervisory Service said, “For now, we will postpone this year’s plan and review next year’s comprehensive inspection schedule.”
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