[2020 National Audit] Yoon Seok-heon "Increasing Consumer Protection Damages... Need to Introduce Fair Fund"

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] Yoon Seokheon, Governor of the Financial Supervisory Service, stated on the 13th that a consumer protection system like the United States' Fair Fund is necessary for the relief of victims of financial fraud.

Governor Yoon appeared at the Financial Supervisory Service's audit held by the National Assembly's Financial Services Committee in the afternoon and responded positively to the question from Kim Byungwook, a member of the Democratic Party of Korea, regarding the introduction of the Fair Fund, saying, "Considering the continuous increase in consumer damages, I think it positively."

However, Governor Yoon added, "I am concerned about how quickly the scale can grow."

In response, Representative Kim emphasized, "Financial authorities, the government, and private companies should participate in research related to the Fair Fund," and added, "I hope that the introduction of a Korean-style Fair Fund will help protect financial consumers."

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