Financial Services Commission and Financial Supervisory Service Conduct Training for Mongolian Financial Authorities

Sharing Experience and Knowledge on Korea's Financial Consumer Protection System with Mongolian Financial Authorities

[Asia Economy Reporter Song Hwajeong] The Financial Services Commission and the Financial Supervisory Service announced on the 14th that, in collaboration with the Asian Development Bank (ADB), they will conduct training on Korea's financial consumer protection system for Mongolian financial authorities from the 15th to the 17th.

This training was arranged at the request of the Bank of Mongolia, which is pursuing legislation on the Financial Consumer Protection Act, to learn from Korea's experience. According to the memorandum of understanding signed in 2018, the Mongolian financial authorities receive consulting on financial consumer protection from the ADB, and as part of this consulting, they are visiting Korea with ADB sponsorship.

During this training course, the FSC and FSS plan to explain the legislative process, progress, key contents of Korea's Financial Consumer Protection Act, and the FSS's complaint and dispute resolution procedures under the theme of "Korea's Financial Consumer Protection System." Additionally, the Korea Federation of Banks and financial companies will conduct case-centered lectures on the response status of financial companies following the enforcement of the Financial Consumer Protection Act.

A financial authority official stated, "Through this training, the FSC and FSS will share Korea's financial consumer protection system and experiences to support the introduction of financial consumer protection systems in Mongolia and will strengthen mutual cooperation channels with Mongolian financial authorities in the future."

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