Shinhan Financial Group Presents Leading Model for Financial Consumer Protection

Presentation of Leading Case at Financial Supervisory Service Meeting
Sharing of First-Ever Independent "Consumer Protection Division" by Holding Company
Reflecting Chairman Jin Okdong's Management Philosophy: "The Essence of Finance is Building Trust"

Shinhan Financial Group announced on the 10th that it had presented its "Financial Consumer Protection Model," reflecting Chairman Jin Okdong's philosophy, as a representative of financial institutions at a meeting held at the Financial Supervisory Service in Seoul on the 9th.

Jin Okdong, Chairman of Shinhan Financial Group.

This meeting was organized to promote a consumer-centered organizational culture within the financial sector. Key participants included Lee Chanjin, Governor of the Financial Supervisory Service, as well as chief executive officers and chief consumer protection officers from major banks, insurance companies, and securities firms. At the event, Shinhan Financial Group presented the "Status and Cases of Consumer Protection Governance Operations" as a representative of the financial industry.

Based on Chairman Jin's management philosophy that "the essence of finance lies in the safe custody of customer assets and building trust," Shinhan Financial Group is implementing a variety of consumer protection policies.

In July 2023, Shinhan Financial Group became the first financial holding company to establish a dedicated "Consumer Protection Division." The group also institutionalized the "Consumer Protection Committee," in which all group chief consumer protection officers participate, to deliberate on consumer protection strategies and systems. In addition, the group is pursuing joint initiatives such as: reporting and consulting on the status of financial consumer protection between the holding company and its subsidiaries; building the integrated customer communication platform "Shinhan Refresh"; and establishing a joint response system against voice phishing.

Shinhan Bank has also subdivided its consumer protection department into eight dedicated teams and made it mandatory to incorporate consumer protection tasks into executive evaluations, thereby implementing practical policies. President Jung Sanghyuk, who attended the event, stated, "Consumer protection is the foundation of a sound financial environment, and we are ensuring its implementation in the field through systematic governance and execution. We will continue to work closely with financial authorities to create a financial environment that earns the public's trust."

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