Financial Supervisory Service Dispute Mediation Committee Strengthens Guarantee of Party Attendance and Testimony... Reduces Director's Authority

Financial Supervisory Service

[Asia Economy Reporter Kwangho Lee] The Financial Supervisory Service's Dispute Mediation Committee (Dispute Committee) is strengthening the guarantee of parties' attendance and right to testify to enhance fairness and reliability. The discretion of the Financial Supervisory Service Governor regarding the Dispute Committee's mediation proposals has also been reduced.

According to the financial sector on the 3rd, the Financial Supervisory Service recently announced a preliminary notice of the amendment to the "Financial Dispute Mediation Rules" containing these details.

This is a follow-up measure following the transfer of the Dispute Committee regulations from the Financial Services Commission Establishment Act to the Financial Consumer Protection Act.

The amendment deletes the permission regulation that required dispute parties to obtain prior approval from the Dispute Committee before attending and stating their opinions.

Additionally, the authority of the Financial Supervisory Service Governor to request reconsideration when the Dispute Committee's resolution is deemed unfair or unjust has also been removed.

This is interpreted as an effort to reduce the Governor's authority and publicly establish the Dispute Committee's status as an objective mediation institution.

Furthermore, the amendment also partially revises the criteria for exceptions to referral to the Dispute Committee.

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