"If Only International Age Is Used, What About Bank Usage?" Financial Supervisory Service Launches Inspection

Decided to Operate the 'Man Nai Financial Inconvenience Consultation Center' as Well

[Asia Economy Reporter Bu Aeri] The Financial Supervisory Service (FSS) announced on the 27th that it conducted a preliminary inspection to ensure there are no inconveniences for financial consumers related to the 'unification of age calculation by full age.'

The FSS met with related financial associations to review the current status of age-related regulations following the passage of the amendment to the Civil Act and the Framework Act on Administrative Regulations for the 'unification of full age calculation' by the National Assembly on the 8th, which will take effect in June next year. They also examined the potential impact on the financial sector and financial consumers upon the implementation of the unified full age calculation.

According to the FSS, financial laws and regulations either explicitly specify full age or, even if not specified, interpret age according to the Civil Act’s period regulations, which use full age. Therefore, the FSS explained that there is expected to be no impact on financial sector operations or financial consumers.

For example, guidelines for protecting elderly consumers in the banking sector, model regulations on credit card issuance and usage limits, and terms of use for integrated savings bank account management services already specify full age.

Even in cases where full age is not explicitly stated, such as the 'Internal Control Model Regulations on Financial Consumer Protection in the Banking Sector,' 'Model Regulations on Door-to-Door Sales in the Financial Investment Sector,' and 'Operational Rules on Advertising and Promotion in Non-Life Insurance,' age is regulated using terms like '65 years or older' or 'under 30 years.'

The FSS plans to operate a 'Full Age Financial Inconvenience Counseling Center' to support the stable establishment of the amendment within the financial sector.

The FSS stated, "We will ensure that the financial sector clearly revises internal regulations to prevent disputes and inconveniences for financial consumers."

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