FSC's relocation to Sejong stirs unease across financial industry
The Financial Services Commission’s (FSC) planned relocation to the administrative city of Sejong next year is raising concerns across the financial industry about potential disruptions to communication with regulators and the resulting operational inefficiencies, industry officials said Thursday. Industry officials are particularly concerned that the move could make it harder for banks and…
The Financial Services Commission (FSC) is set to relocate to Sejong next year, a move that is causing unease throughout the financial industry. Officials are worried that the transition could hinder communication between banks and regulators, potentially leading to operational inefficiencies. Most banks and securities firms are headquartered in Seoul, and the relocation could make it more challenging for them to consult with financial authorities.
The FSC's top regulator, also based in Seoul, will move to Sejong, located about 110 kilometers to the south, in the second half of 2027. This relocation is part of the government's broader plan to decentralize functions and promote regional growth by relocating 44 central government agencies and affiliated bodies from Seoul to Sejong between 2027 and 2031.
Banks are currently exploring ways to adapt, with some anticipating a greater reliance on remote communication.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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