The Financial Supervisory Service chief resigned from his three-year term on July 7. It is no exaggeration to say that the last three years of Yoon’s tenure were “a period of turmoil” in the financial sector. Yoon is a professor and has been showing his usual beliefs since the beginning of his term, and at the same time, he has set a sharp angle of confrontation with 폰테크 financial companies.
This is also seen in Yoon’s appointment. Yoon said, “In July 2018, we announced the financial supervision innovation project, starting with the immediate pension issue of insurance rights, and then dealt with the accounting problem surrounding Samsung Bio Logics.””We have expanded the Financial Consumer Protection Agency while emphasizing consumer protection, such as the promotion of cancer insurance dispute settlement, and led to the legislation and enforcement of the Financial Consumer Protection Act.”
Yoon’s immediate pension, Samsung Bio Logics accounting fraud, and cancer insurance disputes may all be a result of Yoon’s position, but legal procedures such as related lawsuits are still underway, and conflicts and suffering between the parties are continuing. The Financial Consumer Protection Act has also been pointed out that the purpose of the law has been largely faded, as there has been extreme confusion in the sales scene since it was enacted in March.
The biggest issue of the term of office (?) is the ‘lime and optimus situation’. Yoon also said, “Starting from the DLF (derivative-linked fund) crisis, financial accidents such as Lime and Optimus have caused great consumer damage, but the private equity crisis is now in the final stage as employees have been struggling with their sincere response.”
Of course, the Lime and Optimus situation is ambiguous because it only asks the FSS to take responsibility for the failure of supervision. However, as the FSS executives were found to be involved in the crime during the investigation of Lime and Optimus, Yoon’s perception that “the hardships of the employees have been overtaken by the sincere response of the employees” seems to be somewhat distant from the general public sentiment.
The FSS even imposed heavy penalties on financial companies and CEOs because they could not prevent the DLF or the Rhyme and Optimus, and they faced Yoon in front of them, filing an unusual administrative lawsuit. In fact, the number of lawsuits filed against the Financial Supervisory Service last year reached 77 cases, more than four times higher than the first year (18 cases) that Yoon was in charge of
In front of the supervisory authorities, financial institutions, who were always as obedient as “rats in front of cats,” responded to such lawsuits, and the prestige of the FSS was inevitably lost, and the possibility of falling into a more difficult situation due to the outcome of the trial could not be ruled out.
I think this is the reason. Yoon did not forget to ask for his employees at his office. He quoted a passage by the non-Korean saying, “The military is in a hurry and the posthumous is in a hurry.” He said, “I want to walk the path of the military who communicates and harmonizes for the greater value that the FSS aims for.”
The virtue of a good man who can be reconciled even if he does not mean the same thing, but the reason is that he seems to be together, but he is not really reconciled
When asked what was the most disappointing thing for Yoon, who came out after the ceremony, he replied, “I wish I had communicated more with you (the reporter).”