FSS investigates nonbanking firms’ hiring irregularities

The Financial Supervisory Service on Thursday launched inspections targeting nonbanking financial companies in South Korea, following its probe on the banking industry.

The targets of the probe include 25 life insurance companies, 31 damage insurance firms and eight card companies, as well as savings banks and securities firms.

The FSS will reportedly look into evidence of gender discrimination in the employment process and personal ties between applicants and high-ranking officials of companies.

This came a week after the new FSS Gov. Kim Ki-sik, in a meeting with Gender Equality Minister Jung Hyun-baek, vowed to tackle gender discrimination that occurs during the entry-level employee hiring process in local financial industry.

Also, the inspections are extensions from sweeping hiring scandal among commercial banks and their parent financial groups. Some of the allegations of employment mishaps affected leadership positions of financial institutions, including ex-Woori Bank chief Lee Kwang-goo and ex-FSS Gov. Choe Heung-sik.

By Son Ji-hyoung 
(consnow@heraldcorp.com)