FSS Reports to National Policy Planning Committee... Jung Taeho: "Organizational Improvement Measures for Strengthening Consumer Protection"

"Specific Details Still Under Discussion"

Jung Taeho, head of the Economic Division 1 of the National Policy Planning Committee, evaluated the Financial Supervisory Service's (FSS) work report by saying, "Compared to other ministries, they prepared thoroughly and extensively."

Yonhap News

On June 24, regarding the work report held at the FSS in Yeouido, Seoul, Jung stated, "There was a report on organizational improvement measures necessary for consumer protection."

He continued, "It is difficult to discuss specific details as they are still under discussion," but added, "It is about strengthening the role for consumer protection."

Previously, the National Policy Planning Committee, through the new government's growth policy guidebook "Strategy for Real Growth in the Republic of Korea," stated that it could consider separating the Financial Consumer Protection Bureau, currently an internal organization of the FSS, and establishing a new Financial Consumer Protection Agency (FCPA). The FCPA could be responsible for duties specified in the Financial Consumer Protection Act, the Loan Business Act, and the Special Act on the Prevention of and Compensation for Damages from Telecommunication Fraud, among others.

Before the work report, Jung told reporters, "Just as the President said that those who are caught manipulating stock prices in the stock market will be ruined, the top priority is maintaining a fair market order, and I will be briefed on specific implementation plans."

He added, "Regarding the increasing number of victims in areas such as voice phishing targeting low-income finance, I also intend to hear about measures to ensure consumer protection is properly addressed."

Lee Sehoon, Senior Deputy Governor of the FSS, explained to reporters after the work report, "There was discussion on how to strengthen the eradication of unfair trading and on the need to further enhance consumer protection."

In response to a question about the restructuring of the financial supervisory system, he said, "We did not discuss organizational restructuring," but added, "The discussion mainly focused on how to strengthen consumer protection compared to the current level."

He further explained, "In fact, we have operated mainly with a focus on financial stability and the soundness of financial institutions rather than consumer protection, so we reported on how we plan to strengthen the financial consumer protection function."

Meanwhile, on the same day, Kim Bokkyu, Senior Executive Vice President of the Korea Development Bank, reported to the National Policy Planning Committee on plans to establish a 50 trillion won advanced strategic industry fund and on efforts to promote balanced regional development. In March, the government announced its plan to support key industries necessary for future strategy and economic security, including semiconductors, secondary batteries, biotechnology, artificial intelligence, and robotics, through the advanced strategic industry fund.

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