Eun Sung-soo: "Regrettable Public Inconvenience from the Financial Consumer Protection Act... Will Ensure No Difficulties on the Ground"

Continuing Efforts to Communicate with the Industry... Sector-Specific Meetings to Be Held Starting Next Week

Eun Sung-soo, Chairman of the Financial Services Commission, is delivering opening remarks at the 'Financial Association Chairmen Meeting' related to the Financial Consumer Protection Act held at the Korea Federation of Banks in Jung-gu, Seoul on the 26th.

[Asia Economy Reporter Kwangho Lee] Eun Seong-su, Chairman of the Financial Services Commission, stated on the 26th, "It is very regrettable and unfortunate that the preparation of detailed guidelines for the enforcement of the Financial Consumer Protection Act (FCPA) was delayed, and especially that the guidelines were not properly communicated to frontline branches, causing inconvenience to the public."

On the same day, Chairman Eun held a 'Financial Association Presidents' Meeting' at the Korea Federation of Banks in Jung-gu, Seoul, where he listened to the trends and difficulties in the field following the enforcement of the FCPA and made these remarks.

Chairman Eun emphasized, "To ensure the early establishment of the FCPA, we will request the industry's cooperation and continue efforts to communicate."

He expressed, "Currently, to help frontline employees and consumers understand, promotional materials such as leaflets have been distributed to branches in line with the law's enforcement, and guidelines regarding internal control standards and product explanation documents, which will be enforced on September 25, will be promptly prepared to prevent difficulties in the field."

He added, "During the first six months after the law's enforcement, we will focus on consulting rather than punishment together with the Financial Supervisory Service to make every effort to ensure the FCPA is established early."

Chairman Eun mentioned, "'Ppalli-ppalli' (speedy) culture and 'consumer protection' are unfortunately very difficult to coexist," and said, "Even if it takes more time and causes some inconvenience due to the enforcement of the FCPA, we cannot return to the bad practices of incomplete sales in the past. Remembering the tears of victims from incomplete fund sales a year ago, we will strengthen financial consumer protection."

He also explained, "Regarding concerns that longer financial transaction times cause consumer inconvenience, we will explore procedural improvements within the scope that does not hinder financial consumer protection," and added, "As the FCPA becomes established and frontline consumer protection work becomes more familiar, the time required will naturally shorten."

Chairman Eun requested, "For the early establishment of the FCPA, we ask for the financial sector's active understanding and cooperation," and said, "We will communicate more closely with the industry and hold CEO meetings by sector sequentially from next week to listen to difficulties."

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