FSC Honors 8 Officials for Proactive Policy Work Including Stock Manipulation Reward Reform

The Financial Services Commission (FSC) announced on the 26th that it had selected eight officials as outstanding public servants for proactive administration in the first half of this year, including a deputy director who oversaw the abolition of the reward ceiling for stock manipulation reports.

Among the outstanding cases announced that day was the "Reform of the Capital Market Unfair Trading Whistleblower Reward System (Deputy Director Kim Min-soo)," which abolished the reward ceiling for reporting stock manipulation. This year, the FSC eliminated the reward payment ceiling of 3 billion won and revised the system to allow up to 30% of the illicit gains detected and recovered to be paid as rewards.

The FSC assessed that incentives for insiders to report have significantly strengthened since the system was reformed. The number of capital market unfair trading reports actually rose about 3.4-fold, from 513 in the first quarter of last year to 1,896 in the first quarter of this year.

The outstanding cases also included: the system for suspending transactions on accounts suspected of being used in new types of phishing (Deputy Director Nam Go-woon); the transition of the purchased debt collection business to a licensing system (Deputy Director Jang Hee-jin); the establishment of a joint financial sector support system for naphtha supply and demand amid the Middle East situation (Deputy Director Lee Jung-min); the promotion of mid-interest-rate loans (Deputy Director Jung Hyung-jun); and measures to strengthen the management of individual delinquent debt in the financial sector (Deputy Director Lee So-min).

The case of "Establishment of an AI Platform for Voice Phishing Information Sharing and Analysis (Deputy Director Yoo Eun-ji)" was selected for the 6th Proactive Administration "Nokjo Geunjeong Medal of Honor," organized by the Ministry of Personnel Management.

The FSC awards certificates of merit to the outstanding public servants and grants incentives such as the highest grade of performance-based pay. Kwon Dae-young, FSC Vice Chairman, said, "These are cases that show how much people's lives can change through public servants' proactive administration," adding, "Going forward, we need to pursue policies that people can feel through preemptive and creative approaches."