Financial Consumer Protection Policy Evaluation Committee to Be Comprised of a Majority of Private Sector Members

FSC Announces Notice of Legislation
Independent and Objective Evaluation
Through a Separate Subcommittee Comprised Solely of Private Sector Members

On November 27, the Financial Services Commission announced that it will conduct a notice of legislation for the enactment of the "Regulations on the Establishment and Operation of the Financial Consumer Protection Policy Evaluation Committee."

This new regulation aims to establish the Financial Consumer Protection Policy Evaluation Committee, which is one of the action items under the national agenda to strengthen the rights and interests of financial investors and consumers. The main contents include the composition, operation plan, and scope of work of the policy evaluation committee, which will be formed jointly by the public and private sectors, as well as the subcommittee, which will be composed solely of private sector members.

The Policy Evaluation Committee will consist of up to 20 members, including the chairperson, drawn from both the public and private sectors. The chairperson will be the Chairperson of the Financial Services Commission, and the Ministry of Economy and Finance, the Fair Trade Commission, the Ministry of SMEs and Startups, the Financial Supervisory Service, and the Korea Inclusive Finance Agency will participate as ex officio members from the public sector. Private sector members will be appointed by the Chairperson of the Financial Services Commission from among professionals with expertise, such as those working in financial consumer and inclusive finance organizations, academia, and the legal community. To ensure a broader range of expert perspectives from the private sector, more than half of the committee members will be private sector representatives.

In principle, the committee will hold meetings once every six months. However, meetings may be convened as needed if the chairperson deems it necessary or if requested by a majority of members. The committee will discuss policies related to financial consumers and inclusive finance, financial fraud and financial crime, and youth finance, and may submit its opinions to the Financial Services Commission.

An evaluation subcommittee will also be established under the Policy Evaluation Committee. The subcommittee will be composed solely of private sector members of the Policy Evaluation Committee, and its chairperson will be elected by the subcommittee members. The subcommittee will, in principle, hold meetings once a year, but may convene additional meetings if the chairperson deems it necessary or if requested by a majority of members. The subcommittee will discuss the same policies as the Policy Evaluation Committee and report its evaluation results to the committee.

The notice of legislation for this regulation will be conducted from November 28 to December 10. After completing procedures such as approval by the Financial Services Commission, the regulation will be implemented. The Financial Services Commission stated, "Starting in 2026, we plan to hold meetings of the Policy Evaluation Committee to ensure that the voices of financial consumers are objectively and transparently reflected at every stage, from policy design to implementation and evaluation."

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