KB Financial Chairman Yang Jonghee Holds Meeting to Strengthen Financial Consumer Protection Measures

All Chief Consumer Protection Officers (CCOs) from All Subsidiaries Gather

Yang Jonghee, Chairman of KB Financial Group. Photo by KB Financial Group

On October 1, KB Financial Group announced that it will hold a comprehensive meeting to strengthen financial consumer protection, with the participation of Chief Consumer Protection Officers (CCOs) from all its subsidiaries.

This meeting, presided over by Yang Jonghee, Chairman of KB Financial Group, is a follow-up measure to the establishment of a consumer protection value system that was proactively implemented in September. The purpose of the meeting is to develop concrete action plans for the protection of financial consumers.

KB Financial Group has newly established a consumer protection value system based on the "Consumer Duty" of the UK's Financial Conduct Authority (FCA), reflecting its customer-centric management philosophy and on-site experience. This system is founded on the principle of "finance that puts the interests of consumers first."

The establishment of this system, including the enhancement of financial consumer protection governance and the improvement of policies for the sale of high-risk products, aligns with the government's initiative to shift toward consumer-centric finance that protects financial consumers and embraces vulnerable groups.

At the meeting, the group will discuss concrete action plans for key initiatives to strengthen consumer protection across all subsidiaries. These include: ▲ strengthening the holding company's overall consumer protection management function through comprehensive management of subsidiary evaluations and on-site internal control inspections; ▲ designing "consumer-centric performance evaluation indicators (KPIs)" to enhance the authority of CCOs; ▲ revising the "consumer-centric product process"; ▲ implementing "systematic complaint management" based on in-depth data analysis; and ▲ establishing an "integrated response system" to prevent financial fraud such as voice phishing.

A KB Financial Group representative stated, "We will continue to develop our operational systems and organizational culture at all business sites to provide consumers with genuine rights and trust."

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