FSS Labor Union Submits Petition to Cheong Wa Dae Urging Financial Hub Seoul Should Remain

The labor union of the Financial Supervisory Service (FSS) has submitted a petition to Cheong Wa Dae expressing concerns over the relocation of the FSS and financial public institutions to provincial regions.

A total of 1,720 union members participated in the signature campaign.

Kim Seong-woo, head of the FSS labor union, raised concerns, stating, "If the FSS and financial public institutions are relocated to regional areas, a weakening of the financial industry's competitiveness is as clear as day," and adding, "If the physical distance from financial consumers increases, it will become difficult to effectively respond to consumer damages."

In the petition, the union argued, "Relocating the Financial Supervisory Service and financial public institutions to regional areas is a worst-case decision that goes against the currents of the times," and asserted, "It is desirable to concentrate them in Seoul, which is the financial center."

It further added, "Policies aimed at creating a global financial and business hub by connecting the Yeouido financial center and the Yongsan business district could also face difficulties."

The union repeatedly emphasized the possibility of an exodus of FSS personnel.

According to an internal union survey, if a regional relocation becomes official, 80.4% of employees under the age of 40, 85.5% of lawyers, 78.9% of accountants, and 65.5% of master's and doctoral degree holders expressed their intent to leave.

They also highlighted that out of approximately 800,000 annual financial complaints, more than 80% are concentrated in the capital area, and visits to the FSS for civil petitions reach 3,468 cases.

Previously, the government announced the "Direction for the Second Phase of Central Administrative Agency Relocation" yesterday (the 3rd), mentioning agencies such as the Ministry of Justice and the Ministry of Gender Equality and Family as targets for relocation in the first half of next year.

Although the Financial Services Commission (FSC) was not specifically mentioned, it is highly likely to be included in announcements slated for later this year, raising expectations that opposition actions from the FSS and financial public institutions will intensify further.

(Photo provided by the Korea Financial Industry Union, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.