Mirae Asset Securities union pushes back against FSS probe, citing disruption to operations

The labor union of Mirae Asset Securities has raised concerns about the Financial Supervisory Service's ongoing inspection, saying the probe has forced large numbers of branch staff from across the country to travel to Seoul and is disrupting normal business operations.

The union issued a statement Wednesday saying it has "serious concerns about the FSS's prolonged, high-intensity investigation and its methods, which have gone too far."

The FSS recently launched an intensive inspection into the sales practices at Mirae Asset Securities' key branch offices. The probe is also understood to cover whether the firm may have acted unlawfully during the SpaceX IPO process, including by encouraging some investors to register as professional investors in order to participate in the offering.

The union said the extended inspection has caused a mounting backlog of disruptions. It noted that a roughly 40-day inspection running from June 5 to July 16 had already forced the firm to delay a planned office relocation from Yeouido to Center One.

The scale of staff summonses has grown further this month, the union said. "Another investigation has been under way since Monday on the 16th floor of Center One's east wing," the union said, adding that "about 150 sales staff from branches nationwide have been called to Seoul, forcing them to cancel appointments with customers and leave their posts."

The union also said that any demand for materials that could constitute private information — such as personal mobile phone call records — must be backed by a clear legal basis and must be both necessary and proportionate.

"We respect legitimate supervision, but supervisory authority cannot override the fundamental rights of employees," the union added, calling on the FSS to reduce the burden on staff during the inspection and to ensure that employee rights are not infringed.

The union said it plans to conduct a full legal review of the inspection process. It added that if violations of basic rights or privacy are confirmed — including through excessive staff summonses — it will consider filing a complaint with the National Human Rights Commission of Korea and raising the matter with relevant authorities, including the Financial Services Commission, the Board of Audit and Inspection and the National Assembly's Political Affairs Committee.