The prospect of moving the Financial Supervisory Service outside Seoul is fueling fears of a sharper staff exodus, according to industry officials Sunday. The Cabinet may begin deliberations on the relocation as early as next week. The FSS labor union said 85.6 percent of 1,538 surveyed employees would consider leaving if the watchdog moved, rising to 92.5 percent for workers under 40.
The Financial Supervisory Service headquarters in Seoul / Korea Times file
The prospect of relocating the Financial Supervisory Service (FSS) outside Seoul is raising fears that it could accelerate an exodus of staff that is already well underway, according to industry officials Sunday.
The FSS is among the financial institutions being considered for relocation to Sejong, Korea’s administrative capital, as part of President Lee Jae Myung’s broader push to move government agencies out of the Seoul area and ease the country’s heavy concentration around the capital. The Cabinet is expected to begin deliberations as early as next week on the relocation drive.
FSS data show that 481 employees left the watchdog between 2022 and July 2026, with more than 100 departing each year. So far this year, 54 employees have already left.
