Yoon Seok-heon: "Consumer Protection Is Paramount for the Development of Foreign Financial Companies"
[Asia Economy Reporter Kim Hyo-jin] Yoon Seok-heon, Governor of the Financial Supervisory Service (FSS), said on the 28th, "Consumer protection is of utmost importance for foreign financial companies to approach and develop with customers in the Korean financial market."
Governor Yoon expressed this view during the keynote speech at 'FSS SPEAKS 2020,' held online with the participation of about 200 executives and employees of foreign financial companies. The FSS SPEAKS event is an annual briefing session hosted by the FSS for foreign financial companies and ambassadors from major countries.
Governor Yoon stated, "There is no distinction between foreign and domestic companies when it comes to the fact that enhancing financial consumer rights leads to the restoration of trust in finance," and urged, "Please take the lead in the upcoming changes by fully utilizing the experience of advanced finance."
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He also explained the government's 'Korean New Deal' and said, "We expect foreign financial companies to play a role in applying international experiences and cases related to this domestically." Additionally, Governor Yoon promised to strive to improve unreasonable regulations that do not conform to international practices.
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