FSC contingency meeting with the financial industry

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Chairman Shin Je-Yoon of the Financial Services Commission held a contingency meeting with the CEOs of major financial institutions regarding the recent massive financial consumer information leakage. Governor of the Financial Supervisory Service; CEOs from Woori, Shinhan, KB, NH, Hana Financial Holdings Group; CEOs of major securities, card, and insurance companies; and chairmen of financial associations participated in the conference held on January 14, Tuesday.

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Chairman Shin strongly stated that the private information leakage incident is a serious act of crime that threatens the very foundation of the financial industry. He expressed his deep regret to the victims mentioning that such disaster happened at a time when the government set ‘regaining financial consumers confidence in the financial industry’ as one of the new year’s major tasks.

“I believe the reason why such accidents keep on happening despite the fact that I emphasized over and over again the importance of private information protection is that the financial institutions didn’t put enough efforts to fix the problems and the CEOs gathered here today didn’t show enough interest and comittment to the issue” Chairman Shin mentioned. “The FSC will impose the strongest administrative sanctions possible under the related laws not only to the financial institutions responsible for the incident but also to the employees and CEOs of the respective companies.”

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He also emphasized that he will use all means and authority to minimize the damage and prevent similar accidents in the future.

In closing, Chairman Shin strongly urged the representatives of the financial industry to prepare extra-thorough means to protect financial consumer’s private information with a strong sense of responsibility and determination that they would resign from the position if such accident happens once again.

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