Leaflets on the Financial Consumer Protection Act Available at Branches... "Strengthening Promotion Activities for the Financial Consumer Protection Act"

Enforcement of the Financial Consumer Protection Act (Geumso Act) on the 25th

[Asia Economy Reporter Park Sun-mi] On the 25th, informational leaflets explaining the contents in line with the enforcement of the Financial Consumer Protection Act (FCPA) will be placed at various financial sector branches.

On the 25th, the Financial Services Commission and the Financial Supervisory Service announced that, to ensure consumers do not miss exercising their rights guaranteed under the FCPA during financial transactions due to lack of awareness, they have jointly produced leaflets explaining the FCPA with various financial associations and distributed them to financial company branches. Over 1.5 million copies have been distributed nationwide to branches of banks, securities, insurance, savings banks, and credit unions.

The informational leaflets introduce newly established consumer rights under the FCPA such as the right to withdraw subscription, the right to terminate illegal contracts, and the right to request access to documents. They also guide the six major sales principles that financial companies must follow when selling financial products, including compliance with suitability and appropriateness principles and the duty to explain. Additionally, the leaflets introduce precautions that financial consumers should take to enhance their own rights, such as verifying important matters during financial transactions.

The financial authorities plan to actively promote the FCPA by producing various promotional and educational materials such as webtoons and card news, making it easy for the public to access FCPA information through online platforms and subway advertisements.

In cooperation with the Korea Financial Consumer Protection Foundation, webtoons and videos titled "Stories of Financial Consumer Rights Strengthened by the FCPA (6 episodes in total)" will be produced and posted on related organizations’ and the FSC and FSS YouTube channels. Card news and subway advertisements titled "Financial Life Changes Due to the Enforcement of the FCPA" will be produced and posted on the websites of the FSC, FSS, and others. Information on consumer rights strengthened by the FCPA will be viewable on the LCD screens inside subway cars on Line 9 around April.

Separately, the financial authorities, in cooperation with the Korea Financial Consumer Protection Foundation, will produce lecture materials on the FCPA and conduct FCPA education through financial education institutions starting in April. A financial authority official stated, "We will continue to conduct ongoing promotion and education together with various financial associations to ensure the smooth implementation and settlement of the FCPA."

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