Kookmin, Shinhan, Hana Suspend Some Loans... "System Adjustments to Comply with the Financial Consumer Protection Act"
[Asia Economy Reporter Kiho Sung] Banks are halting the sales of some loan products as they adjust their IT systems to comply with the Financial Consumer Protection Act (FCPA).
According to the financial sector on the 29th, KB Kookmin Bank has stopped accepting applications for the 'KB Live Easy Loan' since the 25th.
The Live Easy Loan is a product available exclusively through the dedicated 'Live app,' offering unsecured small credit loans with a maximum limit of 3 million KRW. KB Kookmin Bank explained that due to the enforcement of the FCPA, loan customers must be sent agreements via email or other means, but since the Live application lacks this function, the loan service was temporarily suspended while upgrading the system. Customers who need the Live Easy Loan can instead use the KB Smart Loan product via the mobile web.
Shinhan Bank has also stopped providing services on the web since the 25th for ▲ Shinhan My Car Loan ▲ SOHO CSS Cyber Loan (internet business loan for sole proprietors) ▲ and mid-payment and relocation loan document submissions. Shinhan Bank is also changing the web IT system to comply with the FCPA. The bank stated that loan and related services will resume once the system is ready.
Hana Bank has also suspended sales of some products on the Hana OneQ app and mobile web since the 25th. The temporarily suspended products are two non-face-to-face exclusive products: 'HANA Online Boss Credit Loan' and 'Plus Mobile Guaranteed Loan.' The reason is also IT system construction, and sales are expected to resume in April.
Earlier, commercial banks collectively halted new product sales through kiosks (unmanned terminals) starting last week for similar reasons, such as the need to upgrade IT systems in line with the FCPA enforcement.
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With the enforcement of the FCPA, financial companies must now strictly adhere to six major sales regulations when selling products: ▲ suitability principle ▲ appropriateness principle ▲ duty to explain ▲ prohibition of unfair practices ▲ prohibition of improper solicitation ▲ prohibition of false or exaggerated advertising. Violations may result in penalties and punitive fines imposed on the sellers.
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