Financial Authorities Hold 'Online Briefing Session' on Registration for Independent Financial Product Advisory Services

[Asia Economy Reporter Jin-ho Kim] Financial authorities will hold a briefing session regarding the registration of 'Independent Financial Product Advisory Business' ahead of the enforcement of the Financial Consumer Protection Act (FCPA) on the 25th.

The Financial Services Commission and the Financial Supervisory Service announced that they will hold a session on the 15th to help prospective corporations registering for the Independent Financial Product Advisory Business understand the purpose of the system, registration requirements, and procedures.

From the 25th, when the FCPA is enforced, those who provide continuous advice on the value or acquisition/disposal decisions of deposit-type, loan-type, investment-type, and protection-type financial products without having any conflicts of interest with financial product sellers and earn profits must register as corporations under the Independent Financial Product Advisory Business to operate legally.

Those handling investment-type products must have a minimum capital of 250 million KRW to be eligible for registration. The required minimum capital for handling deposit-type, loan-type, and protection-type products is 100 million KRW each.

The Financial Services Commission will notify applicants in writing of the registration decision and reasons within two months after receiving the application. The 'Independent Financial Product Advisory Business Registration Review Manual' regarding registration procedures and requirements can be found on the websites of the Financial Services Commission and the Financial Supervisory Service.

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