FSS: "Search for 1- and 3-Month Savings Deposit Interest Rates... Also Shows Soundness of Secondary Financial Institutions"

Announcement of 'Financial Product Comparison Disclosure System Improvement Plan'
Making Product Search More Convenient on the Korea Financial Investment Association Platform

From now on, when searching for interest rates on savings and deposit products from commercial banks, savings banks, or mutual finance institutions through the Financial Supervisory Service's (FSS) financial product comparison disclosure system 'One View of Financial Products,' the Korea Federation of Banks' Consumer Portal, or the Savings Banks Comparison Disclosure System, users will be able to check the financial soundness and management indicators of the respective financial institutions. This is intended to alleviate concerns about safety when financial consumers subscribe to savings and deposit products from the secondary financial sector, which generally offer higher interest rates than commercial banks. Additionally, 1-month and 3-month maturity savings and deposit products, which were previously not searchable, will now be included in the comparison disclosure targets.

On the 13th, the FSS and seven financial associations announced the 'Improvement Plan for Financial Product Comparison Disclosure Systems' containing these details. First, the FSS stated, "Since savings and deposit products with maturities under six months from credit unions and banks were not included in the comparison targets, they will now be included." When comparing savings and deposit products through the 'One View of Financial Products' system and the comparison disclosure systems of the Korea Federation of Banks, the Korea Federation of Savings Banks, and the National Credit Union Federation of Korea, 1-month and 3-month maturity savings and deposit products will also be included in the comparison disclosure targets.

A 'Key Management Indicators of Financial Companies' menu link will also be added to the savings and deposit product comparison disclosure systems. This will allow users to access basic financial information such as assets, liabilities, capital, and net income of financial companies, as well as management indicators like the Bank for International Settlements (BIS) ratio. The FSS said, "We will improve the Korea Federation of Banks and the Korea Federation of Savings Banks comparison disclosure systems by referring to the FSS's improvement cases so that consumers can easily check key financial information of banks and savings banks when comparing deposit products."

Furthermore, when searching for funds on the Korea Financial Investment Association's website, measures have been taken to allow similar fund names to appear even if the exact fund name is not entered. Previously, the system distinguished between uppercase and lowercase letters and spaces, making it difficult to find similar funds without entering the exact product name. For example, the fund 'ChinaA Stock Securities Investment Trust' would not appear in search results if searched using the lowercase 'china.'

The FSS stated, "The provision of comparison information for credit union products and 1- and 3-month savings and deposit products, as well as the placement of links to key management indicators such as the BIS ratio, are scheduled to be provided from late December once the improvement measures are completed. The improvement of the fund product name search function in the Korea Financial Investment Association's comparison disclosure system has already been completed and is in operation." To make difficult financial terms in the comparison disclosure systems easier to understand, separate icons for term explanations will be placed to facilitate comprehension.

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