IBK Industrial Bank establishes independent Consumer Protection Group to enhance customer safeguards

Yoon Jong-won, President of IBK Industrial Bank / Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Min-young] IBK Industrial Bank of Korea has carried out an organizational restructuring to strengthen consumer protection, including separating and making the Financial Consumer Protection Group independent.

On the 26th, Industrial Bank of Korea announced that it will expand the dedicated financial consumer protection organization and strengthen customer protection functions throughout the entire product sales process, from product development to review and post-management.

The bank separated the Financial Consumer Protection Group from the existing Consumer Brand Group to enhance the independence of the Chief Consumer Officer (CCO) and strengthen financial consumer protection.

Under this group, the 'Financial Consumer Protection Department' for preemptive consumer protection measures and the 'Financial Consumer Support Department' for post-management were established to serve as a customer protection control tower.

Industrial Bank of Korea plans to strengthen the consumer protection process through measures such as ▲strengthening the product selection process ▲enhancing reviews through joint inspections with internal control departments ▲refining monitoring ▲and reinforcing on-site support.

Additionally, the bank will regularly monitor risk factors such as declines in underlying assets or entry into loss zones after selling high-risk investment products and the occurrence of complaints, and plans to develop specialized personnel for investment products and strengthen sales capabilities.

Previously, Industrial Bank of Korea established a financial fraud response team upon the inauguration of President Yoon Jong-won. President Yoon said, “The goal of this restructuring is to establish a virtuous cycle structure where customers earn profits through complete sales procedures and reasonable processes, which naturally connects to the bank’s profits.”

This content was produced with the assistance of AI translation services.