The Financial Supervisory Service to Hold Loan Solicitor Registration Briefing on the 29th

"From July, Registration Applications Must Be Submitted to the Financial Supervisory Service and Each Financial Sector Association Upon Meeting Requirements"

[Asia Economy Reporter Park Sun-mi] An explanatory session on the registration process for loan solicitors, newly introduced under the Financial Consumer Protection Act (FCPA), will be held sequentially starting from the 29th.

On the 25th, the Financial Supervisory Service (FSS) and various financial sector associations announced that they will hold an explanatory session on the registration of loan product sales agents and intermediaries (hereinafter referred to as ‘loan solicitors’), newly introduced under the FCPA, at the FSS on the 29th. This will be followed sequentially by sessions at the Korea Federation of Banks (July 7), the Life Insurance Association (July 20), and the General Insurance Association (July 22), among other financial sector associations.

According to the FCPA, which was implemented in March, loan solicitors must meet the requirements and apply for registration with the FSS and each financial sector association starting in July. From September 25, only those registered under the FCPA will be allowed to conduct business.

The FSS will decide on the registration within two months after receiving the application. However, the period required to obtain necessary documents from other institutions to verify whether registration requirements are met is excluded from the review period. If there are unavoidable circumstances making it difficult to decide on registration, the period may be extended once within the two-month timeframe.

Applicants for FSS registration must apply in person by visiting the office and submit one original copy of the application documents along with a USB containing scanned files. Applications are not limited to the applicant themselves; proxy applications are also allowed if accompanied by a power of attorney or other authorization documents.

Loan solicitors are classified as experienced or new entrants for training and evaluation. Those who wish to handle all loan-type products must complete certification processes for two categories: loan and other loan-type products, and lease and installment products.

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