FSS, KDIC unions warn relocation plan will leave gaps in financial safety net

The unions of the Financial Supervisory Service and Korea Deposit Insurance Corp. pushed back Monday against the government's plan to relocate the two agencies outside Seoul, vowing to "resolutely oppose any unilateral relocation."

The two unions held a joint press conference outside Cheong Wa Dae on Monday morning, warning that moving institutions that safeguard the national financial system "will create gaps in the financial safety net and set the economy back."

The unions called on the government to exclude Korea Deposit Insurance Corp. and the Financial Supervisory Service from its second round of public institution relocation plans and to conduct a full review from scratch — based not on political slogans, but on the effectiveness of protecting the financial system and responding to crises.

"In a crisis, when every second counts, physical distance between institutions means delayed decision-making — and those delays will translate into losses for the public," the unions said.

They also raised the prospect of a talent exodus, warning that "the expertise that has designed and operated the country's financial safety net could evaporate in an instant with a single policy decision."

A survey of 1,538 FSS employees found that 85.6 percent said they would "consider" leaving if the agency's headquarters were relocated. Among employees under 40, that figure rose to 92.5 percent.

The FSS union also surveyed staff in specialized professional roles. Among accountants, 90.6 percent said they would consider leaving, while the figure stood at 94.2 percent among lawyers.

The government is expected to bring a plan for the second round of central government agency relocations — including the Financial Services Commission and affiliated public institutions — before the Cabinet as early as Tuesday.