On the 24th, the Financial Supervisory Service reported to the Presidential Committee on Policy Planning on necessary organizational improvements for consumer protection in finance. They also noted that they would rigorously crack down on unfair practices in the capital market, such as stock manipulation and price adjustments, to usher in the 'KOSPI 5000' era.
According to the financial sector on the 24th, the FSS reported to the Presidential Committee on Policy Planning regarding its plan to implement campaign promises related to these issues. Jeong Tae-ho, head of the economic subcommittee at the Presidential Committee on Policy Planning, met with reporters after the briefing and said, "There was a report on necessary organizational improvements for consumer protection."
In response to a question about whether it was related to organizational restructuring, he stated, "It's difficult to say because specific details are still under discussion," but added that it would strengthen the role for consumer protection. The Presidential Committee on Policy Planning is considering the separation of the Financial Consumer Protection Division within the FSS and the establishment of a Financial Consumer Protection Agency, as part of its review of organizational restructuring in the economic and financial sectors.
The FSS proposed measures such as introducing 'one-sided binding force' for dispute resolution and establishing a 'Financial Consumer Protection Evaluation Committee' centered on private experts for consumer protection. One-sided binding force means that while consumers can refuse recommendations from the FSS, financial institutions must comply without exception.
Lee Se-hoon, chief deputy commissioner of the FSS, met with reporters and stated, "Discussions were held on how to strengthen measures against unfair trading and emphasized the need to enhance consumer protection further." He noted, "It's true that operations have primarily focused on financial stability and the soundness of financial companies, so we reported on how to enhance the function of financial consumer protection."
The FSS also reported on measures to eliminate unfair factors in the capital market and activate venture capital supply. They explained plans to enhance consumer rights protection against incomplete sales and financial crimes affecting livelihoods, strengthen risk management related to household debt and project financing (PF), expand funding for small businesses, and promote innovative finance to support the development of artificial intelligence (AI).