FSS to Promote Improvement of Financial Consumer Protection Performance Evaluation System

'2025 Financial Consumer Protection Excellence and Deficiency Case Briefing' Held

On the afternoon of the 10th, the Financial Supervisory Service (FSS) announced that it held the '2025 Financial Consumer Protection Excellence and Deficiency Case Briefing' at its headquarters in Yeouido, Seoul, targeting CCOs (Chief Consumer Officers) from 87 financial companies.

The FSS is currently working on revising the evaluation system to enhance the efficiency of financial consumer protection status assessments and to encourage financial companies to voluntarily establish consumer protection governance systems.

First, to strengthen substantive evaluations and reduce the evaluation burden on financial companies, detailed evaluation items were deleted or consolidated. Criteria for early evaluations were also established to improve the timeliness of evaluation grades in the event of major financial accidents.

Additionally, the weighting of evaluation items related to consumer protection governance was increased, and incentive criteria were established for companies and employees excelling in consumer protection governance. A new evaluation item related to governance (whether the results of the status assessment are reported to holding companies, etc.) was introduced, and specific reference criteria for evaluating consumer protection governance during status assessments were presented.

Efforts by financial companies to improve financial accessibility for vulnerable groups were also strengthened in the evaluation. Currently, the status assessment limits the evaluation of financial companies' support efforts to the elderly and disabled, but going forward, support efforts for other vulnerable groups such as residents in remote areas and foreigners will also be evaluated.

The FSS plans to conduct on-site evaluations for the second cycle, Group 2 (29 companies), starting mid-next month for two weeks, and announce the evaluation results in early December (scheduled).

An FSS official stated, "We will continue to revise and improve the status assessment system to respond to changes in the consumer protection environment, enhance the effectiveness of the evaluation system, and reasonably reduce the evaluation burden on financial companies."

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