Fair Trade Commission Launches On-Site Investigation of Three Major Telecom Companies and Banking Sector

The Fair Trade Commission (FTC) has launched a comprehensive on-site investigation into the three major telecommunications companies and the banking sector. This move is interpreted as a response to President Yoon Seok-yeol's recent directive to devise measures to curb the oligopolistic structures in the telecommunications and financial sectors.

According to industry sources on the 27th, the FTC's Market Surveillance Bureau and Cartel Investigation Bureau sent investigators to conduct on-site inspections at the three major mobile carriers (SK Telecom, LG Uplus, KT) and six banks (Shinhan, KB Kookmin, Hana, Woori, NH Nonghyup).

The Market Surveillance Bureau is reportedly examining whether the three dominant telecom operators restricted market competition through unfair trade practices. Meanwhile, the Cartel Investigation Bureau is broadly investigating whether the banks colluded on loan-deposit interest rates or customer fees.

Earlier, on the 15th, President Yoon criticized the financial and telecommunications industries during an emergency economic and livelihood meeting, instructing relevant ministries to "prepare extraordinary measures to strengthen the practical competition system." Following this directive, the FTC is understood to have conducted internal reviews before initiating the on-site investigations on this day. An FTC official stated, "We cannot comment on the specific details of the investigation."

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