FSS Holds Briefing on Financial Consumer Protection Assessment... Lina Life Insurance and Hyundai Card Selected as Exemplary Cases

The Financial Supervisory Service announced on the 29th that it held a briefing session on the “2026 Financial Consumer Protection Status Assessment” for Chief Consumer Protection Officers (CCOs) from 84 financial companies and other relevant participants.

Financial Supervisory Service Headquarters, Yeouido, Seoul. Financial Supervisory Service

The Financial Supervisory Service explained that after establishing the “Financial Consumer Protection Improvement Roadmap” in December of last year, it implemented several institutional improvements, including the rationalization and advancement of the status assessment, enhancement of assessment effectiveness, and expansion of the use of assessment results.

The assessment system was advanced by differentiating assessment items according to financial product types—including lending, investment, and protection products—as well as by non-face-to-face channel.

The evaluation of the operation of a consumer protection-focused performance-based compensation system (KPI) throughout the lifecycle of financial products was strengthened.

Additional incentives were introduced, such as exempting financial institutions with excellent consumer protection governance from self-assessment for the following year.

The Financial Supervisory Service also shared examples of both outstanding and insufficient cases. Last year, notable examples of excellence came from Lina Life Insurance and Hyundai Card.

The Financial Supervisory Service evaluated that Lina Life Insurance strengthened the independence of its consumer protection governance and specialized its supervision and management. It was confirmed that the consumer protection system was functioning effectively in practice.

Regarding Hyundai Card, it was noted that the company established a robust internal control system for consumer protection, moving from “system construction” to “governance completion.”

The Financial Supervisory Service stated that, starting from mid-next month, it will begin on-site assessments of 32 financial institutions subject to this year’s status review, and plans to release the assessment results in December.

An official from the Financial Supervisory Service said, “As new institutional improvements are being introduced starting this year, we plan to fully listen to on-site feedback to ensure the system is stably established,” adding, “We will continue to effectively refine and improve the system by incorporating improvement points identified during the course of operation.”

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