FSS to Select Over 300 Financial Consumer Reporters This Year

Increase of about 50 Selected Personnel in Line with the Enforcement of the Financial Consumer Protection Act
Up to 500,000 KRW Allowance Paid Based on Evaluation of Report Contents

[Asia Economy Reporter Kwangho Lee] On the 18th, the Financial Supervisory Service announced that it will select about 300 financial consumer reporters to carry out reporting activities such as proposing improvements to financial practices or systems that are disadvantageous to financial consumers.

The Financial Supervisory Service has been selecting and operating financial consumer reporters annually since 1999. Last year, 250 reporters proposed 808 opinions.

The reporters selected this year will engage in activities proposing inconveniences experienced during actual financial transactions, necessary system improvements, and ideas to prevent financial consumer damage through a dedicated reporting system.

Anyone aged 18 or older who has financial knowledge or financial transaction experience can apply.

This year, with the enforcement of the Financial Consumer Protection Act (FCPA) on the 25th of next month, which brings significant changes to consumer protection systems, the number of selected reporters will be increased to strengthen consumer opinion gathering.

During the activity period, the reported content will be evaluated and graded, and reporting allowances (ranging from 50,000 to 500,000 KRW) will be paid according to the grade.

After the activity period ends, overall reporting performance will be comprehensively evaluated to select outstanding reporters, who will also receive rewards (up to 300,000 KRW).

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