Financial Services Commission to Implement Independent Financial Product Advisory System Starting Next Month

[Asia Economy Reporter Jin-ho Kim] Starting from the 25th of next month, the Independent Financial Product Advisory Business system will be introduced. According to the enforcement of the Financial Consumer Protection Act, financial product advisory business cannot be conducted without registering as an independent financial product advisor.

The Financial Services Commission (FSC) announced on the 24th that it has posted the 'Registration Review Manual' on its website to facilitate smooth registration for independent financial product advisory businesses. Independent financial product advisory business refers to continuously or repeatedly providing advice on the value of financial products or decisions regarding their acquisition and disposal for the purpose of profit.

From today, the FSC has posted the ‘Independent Financial Product Advisory Business Registration Review Manual’ on its website. The manual includes the registration procedures, detailed review criteria, and review methods.

Since conducting financial product advisory business without completing registration by the 25th of next month is prohibited under the Financial Consumer Protection Act, the FSC decided to disclose the review manual to assist smooth registration. The FSC plans to notify applicants in writing of the registration decision and reasons within two months (in principle) after receiving the application.

Additionally, an online briefing session related to the registration process for independent financial product advisory businesses will be held in early next month. An FSC official stated, "We will support the preparation of registration applications by corporations wishing to register to ensure there are no disruptions in the introduction of the new independent financial product advisory business system."

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