개편된 금융감독기구의 문제점과 개선 방향

On February 29, 2008, a new revised law on a financial supervisory organization was enacted as one of measures for the government organization reshuffle by the launch of a new government in February 2008. One of key measures was to consolidate financial policy function (which had been conducted by the former Ministry of Finance and Economy) and financial supervision function (which had been performed by the Financial Supervisory Commission) and to establish the new Financial Services Commission (the “FSC”). However, this consolidation plan was severely attacked by the civil movement groups as well as many reputable academic scholars. This consolidation of financial policy and financial supervision by one government authority may lead to the possibility of power concentration and inefficient financial supervision function. This new FSC may be also deeply influenced by the government and so be not highly likely to engage in financial supervisory role independently. In addition, the FSC will find it difficult to recruit highly financial specialized staff and employees since it is a government organization. In particular, the staff organization to the FSC, a secretariat, may have a possibility to expand its business into on-site examination on and sanctions against financial institutions in terms of legal aspect, in which case, financial supervision and examinations would be performed by government organizations and so might give negative effects on the financial system and infrastructure. To rectify these problems, a separation between financial policy function and financial supervision function need to be taken as soon as possible, and it is necessary to convert a financial supervisory organization into an independent nongovernment institution. This trend is more persuasive taking into account the cases of other countries, particularly financially advanced countries. It is also believed that this measure would be in line with the global standard in financial supervision and contribute to the enhancement and upgrade of the financial institution and system.