The FSC consists of nine commissioners including the Chairman and the Vice Chairman. The Chairman is appointed by the President with the recommendation of the Prime Minister. The Vice Chairman is appointed by the President with the recommendation of the Chairman of the FSC and concurrently holds chairmanship of the Securities Futures Commission (SFC) within the FSC.
Two standing commissioners are appointed with the recommendation of the Chairman of the FSC. Of the five non-standing commissioners, four are ex-officio positions held by the Vice Minister of the Ministry of Strategy and Finance (MOSF), the Governor of the FSS, the Deputy Governor of the Bank of Korea, and the President of the Korea Deposit Insurance Corporation. The remaining non-standing commissioner is appointed with the recommendation of the Chairman of the Korea Chamber of Commerce and Industry.
The FSC deliberates and decides on policy matters relating to the inspection and supervision of financial institutions and the securities and futures markets. Matters relating to the securities and futures markets are largely delegated to the SFC. The FSC also has the authority to issue and revoke of financial institutions. Legislation relating to the financial sector is drafted and submitted to the National Assembly by the FSC.