FSS Holds Briefing Session for Local Government Lending Business Officials

Request for Consistent Management and Supervision

The Financial Supervisory Service announced on June 18 that it held a "National Local Government Lending Business Briefing Session" at its headquarters in Yeouido, Seoul, to strengthen the management and supervision of lending businesses registered with local governments.

The Financial Supervisory Service explained that it organized the briefing session for local government officials in charge of lending businesses to ensure consistent supervision between lending businesses registered with local governments and those registered with the Financial Services Commission, given the dual supervisory structure divided between the Financial Services Commission and local governments.

During the event, the main points of the revised Lending Business Act and the newly enacted Individual Debtor Protection Act were explained, along with on-site inspection methods reflecting these changes. The results of recent joint inspections of online lending brokerage sites conducted with local governments and the police were also shared.

In addition, plans for nationwide briefing sessions for lending businesses and inspections to ensure compliance with relevant laws were announced. Local governments were also urged to actively manage lending businesses under their jurisdiction by informing them of the main points of the revised Lending Business Act and strengthening related internal controls.

A representative from the Financial Supervisory Service emphasized, "We will continue to cooperate with local governments to ensure consistent and uniform management and supervision of lending businesses across all registration authorities."

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