South Korea’s government on the 3rd announced the second phase of its plan to relocate central administrative agencies to regional areas, excluding the Financial Services Commission (FSC, South Korea’s financial regulator) from the named targets. The Ministry of Land, Infrastructure and Transport (MOLIT) said the Ministry of Justice and the Ministry of Gender Equality would move in the first half of next year. The FSC, Financial Supervisory Service (FSS), Korea Deposit Insurance Corporation, Korea Development Bank, IBK Industrial Bank of Korea and Export-Import Bank of Korea were not specifically listed. MOLIT said the omission does not exempt an agency, while final targets are due to be determined in the fourth quarter under a policy to minimize agencies remaining in the Seoul metropolitan area. The government is emphasizing functional clustering after criticism that the first relocation phase dispersed related responsibilities and reduced efficiency. That approach could link any FSC move to decisions on the FSS, KDIC and state-run banks, although partial relocation remains possible for Seoul-linked units. Financial-sector unions are coordinating legal reviews and joint responses. The KDB union says relocation could disrupt policy finance while the bank is handling the National Growth Fund and Advanced Strategic Industry Fund, and chairman Kim Hyun-jun cited President Lee Jae-myung’s stated support for Seoul as an economic capital and Yeouido as a financial hub. The Korean Financial Industry Union plans a general strike on the 4th in Seoul, opposing regional relocation while also demanding a 4.5-day workweek and real wage increases. Some financial-sector observers view the announcement as a last-minute delay caused by opposition and declining government approval ratings, while others say the ministries’ inclusion reflected the urgency of amending the Happy City Act. Observers remain divided over whether financial-sector relocation is merely delayed or could be reconsidered.