Financial Authorities Expand and Revamp 'Financial Company Difficulties Rapid Response System' Related to the Financial Consumer Protection Act

Eun Sung-soo, Chairman of the Financial Services Commission, is listening to a bank employee about the current status of the Financial Consumer Protection Act at the KB Kookmin Bank Gwanghwamun Comprehensive Financial Center in Jongno-gu, Seoul, on the 26th.

[Asia Economy Reporter Kwangho Lee] The Financial Services Commission and the Financial Supervisory Service are expanding and reorganizing the 'Financial Company Issues Rapid Response System' to more quickly and systematically resolve difficulties encountered on the ground related to the enforcement of the Financial Consumer Protection Act.

On the 30th, the Financial Services Commission stated, "Although we have been providing responses as needed to inquiries from each financial sector collected through dedicated task forces (TF) within financial industry associations regarding the Financial Consumer Protection Act, there has been high demand on the ground for rapid handling of questions about the new system during the early stages of enforcement. Therefore, we have decided to expand and reorganize the Financial Company Issues Rapid Response System."

The financial authorities plan to operate an intensive guidance period for six months following the enforcement of the Financial Consumer Protection Act.

The rapid response system is a collaborative framework connecting financial companies, financial associations by sector, the Financial Supervisory Service, and the Financial Services Commission. When a financial company inquires about questions related to the enforcement of the Financial Consumer Protection Act to a financial association, the association immediately replies to matters that can be answered with existing distributed FAQs.

Matters requiring review by the financial authorities are received by the Financial Supervisory Service and, as a principle, replied to within five days. For issues related to legal interpretation, financial companies may also directly inquire with the Financial Services Commission. Common industry issues, important matters, and FAQ responses among the replies will be posted on the 'Financial Consumer Protection Act Dedicated Board' on the Financial Services Commission and Financial Supervisory Service websites.

The Financial Services Commission said, "Through a dedicated communication channel with the financial field, we will promptly resolve difficulties and suggestions from financial companies to support the smooth enforcement and early establishment of the Financial Consumer Protection Act."

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