Recently, the Financial Services Commission (FSC) has accelerated its response time to pressing issues. While the so-called "six-hour rule"—the guideline to respond to sensitive matters within six hours—has been discussed in government circles, the FSC has been able to shorten its response time through real-time communication channels like Telegram.
The FSC's improved response speed was evident in the recent controversy surrounding Sangnoksoo, a company established to manage private bad debts during the 2003 credit card crisis. Following a media report on May 12 that criticized the financial sector's lukewarm attitude toward transferring funds to the New Leap Fund, the FSC's actions drew significant attention.
According to the financial sector, the issue gained prominence immediately after the report. FSC Chairman Lee Ok-won instructed his team to verify the facts before President Yoon Suk-yeol mentioned the matter on social media around 8 a.m. the same day. Later, Chairman Lee attended a Cabinet meeting at 9 a.m., where he outlined the FSC's response strategy regarding Sangnoksoo.
Throughout the morning, the FSC confirmed the stance of member companies regarding the sale of bonds related to Sangnoksoo. By 4 p.m., a full meeting was convened, marking approximately 10 hours from the initial report to the gathering of member opinions and the meeting itself. The financial sector views this meeting as a turning point for quickly resolving discussions about the sale of Sangnoksoo bonds.
The FSC's internal communication methods appear to support this rapid response. An FSC official noted, "These days, the FSC shares issues and directives in real-time through Telegram group chats. Initially, matters were shared mainly among the chairman and department heads, but now they are quickly communicated to junior staff as well."
However, the swift timeline has led to various interpretations within the financial sector. The rapid sequence of events—from the morning report to the president's message, the Cabinet meeting discussions, and the FSC's confirmations and subsequent meeting—has raised questions. Some speculate that the government may have highlighted the Sangnoksoo issue to pressure the financial sector into participating in the New Leap Fund.
The FSC has distanced itself from such interpretations, stating that it acted promptly to verify facts and implement necessary follow-up measures without any intent to pressure specific financial institutions or prior coordination with the presidential office.
* This article has been translated by AI.
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