Financial Supervisory Service As the integrated supervisory authority, the FSS oversees financial services firms across
the entire financial sectors.

About FSS

Divisions and Departments

The FSS was reorganized into 10 divisions comprising 41 departments and 21 offices as of February 2022. Each of the departments and offices under the 10 divisions is charged with specific functions, tasks, and responsibilities ranging from administrative support and examination to consumer protection endeavors. Each of the 10 divisions is headed by a deputy governor and each of the 41 departments by a director general. In addition to its headquarters in Seoul, the FSS maintains 11 regional and district offices nationwide and 7 representative offices overseas.. The Office of the Chief Executive Auditor, which comprises an internal audit office and an inspection office, is responsible for internal audit, inspection, and compliance.

Planning and Management

Planning and Management
Planning and Coordination Department
  • Administration, operation, planning;
  • Organization and budget management and planning;
General Affairs Department
  • Employee payroll, benefits, welfare;
  • Accounting, asset management;
Public Affairs Department
  • Press releases, media relations;
  • Public affairs, communications;
Human Resources Development Office
  • Human resources development and management;
  • Staff assignment, training, promotion, secondment, employment;
International Financial Market Department
(Financial Hub Korea)
  • Financial market monitoring and analysis;
  • Support for foreign financial firms operating in Korea and outbound Korean financial firms;
  • Financial hub initiatives;
IT Strategy Department
  • IT planning, development, and planning;
  • Development and management of supervision information system and computer equipment;
Legal Affairs Department
  • Legal compliance, regulatory review;
  • Administrative court litigation, support and planning;
Secretary Office
  • High-level administrative and secretarial support to the Governor and other senior officers;
  • Protocol and liaison activities;
Security Administration Office
  • Security for FSS headquarters, emergency response and planning;
  • Facility management;

Strategic Supervision

Strategic Supervision
Supervision Coordination Department
  • Examination and supervision coordination and planning;
  • Operational management of examination and supervision activities;
Supervision Administration Department
  • Macroeconomic and financial market analysis, macroprudential supervision response;
  • Review of domestic and foreign financial supervisory policies, institutions;
Enforcement Review Department
  • Review of supervisory inspection, examination, audit, and investigation;
  • Enforcement and sanctions, operational management of Sanctions Committee;
Digital Finance Innovation Department
  • IT and electronic banking supervision;
  • Fintech consultation and support, regulatory technology, Virtual Asset;
Finance Data Office
  • Monitoring and examination of credit Information Business operators;
  • Planning data industries: Big data,Artificial Intelligence;
IT Examination Department
  • Continuous financial sector IT monitoring and examination;
  • IT risk evaluation methods;
Anti-Money Laundering Office
  • Anti-money laundering, real name transaction supervision;
  • External cooperation and coordination on prevention of money laundering;
Financial Group Supervision Office
  • Supervision of financial holding companies, supervisory ratings, safety and soundness analysis;
  • Consolidated safety and soundness evaluation, joint examination;

Insurance Supervision

Insurance Supervision
Insurance Supervision Department
  • Authorization/approval of insurance companies, risk-based insurance supervision;
  • Prudential supervision, auto insurance, reinsurance, and other insurance activities;
Life Insurance Examination Department
  • Supervisory rating of life insurance companies;
  • Continuous monitoring, risk management, examination;
Non-Life Insurance Examination Department
  • Supervisory rating of nonlife insurance companies;
  • Continuous monitoring, risk management, examination;
Insurance Business Examination Office
  • Supervision of life and nonlife insurance intermediaries;
  • Inspection and supervisory measures;
Insurance Risk Office
  • Risk-based supervision of insurance companies;
  • Policy reserves standards, risk disclosure;

Bank Supervision

Bank Supervision
Bank Supervision Department
  • Bank supervision, household credit analysis;
  • Bank risk analysis and evaluation;
Bank Examination Department 1
  • Prudential and conduct supervision of national banks (Shinhan, Woori, Standard Chartered, KEB Hana, Citibank Korea, Kookmin, and internet banks);
Bank Examination Department 2
  • Prudential and conduct supervision of specialized banks, regional banks, and foreign bank branches;
Foreign Exchange Supervision Department
  • Supervision of financial firms' foreign currency activities;
  • Investigation of illegal foreign currency transactions;
Credit Supervision Department
  • Oversight of corporate restructuring, heavily indebted business groups;
  • Credit extension and credit risks;
Bank Risk Office
  • Risk-based supervision, internal capital adequacy assessment process (ICAAP);
  • Risk examination;

Nonbank Supervision

Nonbank Supervision
Mutual Savings Bank Supervision Department
  • Authorization/approval of mutual savings banks, prudential supervision;
  • Fit and proper test for large shareholders, business normalization of distressed mutual savings banks;
Credit Finance Supervision Department
  • Authorization/approval/registration of specialized credit finance companies;
  • Prudential supervision;
Cooperative Finance Department
  • Authorization/approval/examination of credit unions and mutual credit cooperatives;
  • Post-examination measures and safety and soundness monitoring;
Mutual Savings Bank Examination Department
  • Examination of mutual savings banks;
  • Post-examination measures and safety and soundness monitoring;
Credit Finance Examination Department
  • Examination of specialized credit finance companies;
  • Post-examination measures and safety and soundness monitoring;

Financial Investment Services Supervision

Financial Investment Services Supervision
Capital Market Supervision Department
  • Authorization/approval of financial investment service providers;
  • Capital market supervision and monitoring, derivatives oversight;
Asset Management Supervision Department
  • Authorization/approval of collective investment schemes;
  • Supervision of trusts and private equity funds, review of registration statements;
Financial Investment Examination Department
  • Supervisory rating of financial investment service providers;
  • Examination including continuous monitoring and risk management;
Asset Management Examination Department
  • Supervisory rating of asset management companies;
  • Examination including continuous monitoring and risk management;

Disclosure and Investigation

Disclosure and Investigation
Corporate Disclosure Department
  • Disclosure supervision, electronic disclosure filings;
  • Analysis and management of listed companies' disclosure filings, registration filings;
Disclosure Review Office
  • Supervisory review of registration statements;
  • Prospectus and other securities-related disclosure filings;
Capital Market Investigation Planning Department
  • Investigation policy and oversight, quality control for investigation of unfair securities trading;
  • Capital market surveillance;
Capital Market Investigation Department
  • Investigation of unfair securities trading and disclosure violations;
  • Market information analysis and investigation;
Special Investigation Department
  • Investigation of unfair securities trading and disclosure violations;
  • Thematic stock investigation, cross-border securities violations;
Capital Market Judiciary Enforcement Unit
  • Direct management of Senior Deputy Governor;
  • Investigation of unfair trading in Capital market;

Accounting Supervision

Accounting Supervision
Audit Review Department
  • Audit review and policy, review of auditor quality control;
  • Audit inspection of financial filings of listed companies and oversight;
Audit Inspection Department
  • Review of listed companies' auditor's reports and supervision measures;
  • Investigation of financial filings for noncompliance, tips and reporting on irregular accounting;
Corporate Accounting Administration Department
  • Supervision of independent external auditor designation, IFRS;
  • Financial accounting, administration of CPA examinations;
Auditor Oversight Office
  • Audit review and measures taken against Auditor;

Preventive Consumer Protection

Preventive Consumer Protection
Financial Consumer Protection Department
  • Consumer protection policy formulation, consumer complaints;
  • Improvement of the supervisory regime for the prevention of mis-selling of financial products;
Financial Product Sales Monitoring Department
  • '- Monitoring of financial product design, solicitation, and sales stages and analysis of financial product distribution channels and pricing mechanisms;
  • Consumer protection evaluation and follow-up supervisory measures;
Financial Product Review & Monitoring Department
  • Financial product review and support for legislation and regulation of financial product review;
  • Review standards for financial product contract terms and conditions and operation of the product review management system;
Pension Supervision Office
  • Retirement pension, tax-qualified pension plans;
  • Pension product review, disclosure standards, pension plan monitoring, supervision, and Examination;
Financial Education Department
  • Consumer financial education, public education services;
  • "One Company-One School" program, student finance education;
Inclusive Finance Office
  • Micro-credit counseling, credit repair support;
  • Small business financing and support;

Consumer Right Protection

Consumer Right Protection
Consumer Complaint Coordination Department
  • Investigation,enforcement, and follow-up management of cosumer complaints and dispute matters;
  • measures, administrative support for Financial Dispute Settlement Committee;
Dispute Settlement Department 1
  • Dispute administration and mediation between consumers, life insurance and non-life insurance financial service providers
Dispute Settlement Department 2
  • Dispute administration and mediation between consumers and the third insurance financial service providers;
Dispute Settlement Department 3
  • Dispute administration and mediation between consumers and non-insurance financial service providers;
Consumer Complaint Center
  • Administration of consumer complaints, fact-finding, and outcome analysis;
  • Information sharing and coordination of consumer complaints for improved supervisory effectiveness;
  • Review of consumer complaints administered by financial institutions;
Illegal Finance Monitoring Department
  • Financial fraud, illegal fund-raising schemes;
  • Consumer advisory and consultation services, prevention measures;
Insurance Investigation Office
  • Insurance fraud investigation, special investigation;
  • Inter-agency coordination, fraud prevention;