Financial Supervisory Service Selects 'Financial Consumer Reporters' for 2022

[Asia Economy Reporter Song Hwajeong] The Financial Supervisory Service (FSS) announced on the 23rd that it will select over 330 Financial Consumer Reporters to carry out activities such as proposing improvements to financial practices or systems that are disadvantageous to financial consumers.

The FSS operates the Financial Consumer Reporter system to directly hear consumers' opinions for improving financial practices and systems that are unfavorable to financial consumers. It has been selecting and operating reporters annually since 1999, and in 2021, a total of 328 reporters proposed 500 opinions.

The Financial Consumer Reporters are selected from financial consumers aged 18 or older who have financial knowledge or financial transaction experience, through open recruitment and institutional recommendations. The open recruitment considers age, occupation, region, etc., to gather opinions from various consumer groups, and applicants can choose their main activity field when applying. Recruitment is divided by financial sectors such as banking, small and medium-sized enterprises and mutual finance, card and credit finance, insurance, and financial investment. Institutional recommendations are received from financial associations, consumer organizations, and related institutions for financially vulnerable groups during the open recruitment period. This year, to address financial exclusion caused by changes in the financial environment such as digitalization, new Financial Consumer Reporters will be selected through institutional recommendations related to the elderly, disabled, and multicultural families.

Selected Financial Consumer Reporters will propose inconveniences experienced during financial transactions, necessary system improvements, ideas for preventing financial consumer damage, and participate in focused reporting and surveys on specific topics when consumer protection issues arise or major supervisory policies are implemented.

Financial Consumer Reporters will receive reporting allowances and rewards based on the evaluation of their reports and performance. During the activity period, reports are evaluated and graded, with reporting allowances ranging from 50,000 to 500,000 KRW paid according to the grade. After the activity period ends, overall reporting performance is comprehensively evaluated to select outstanding reporters who will receive rewards of up to 300,000 KRW.

The recruitment period is from the 24th until 5 p.m. on the 11th of next month, and applications can be submitted through the "Apply for Reporter" menu on the Financial Supervisory Service website.

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