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FSC says it will step up protection of consumers

June 20,2018
Korea’s financial regulator said on Tuesday that would step up efforts to better protect consumers by encouraging companies to draw up safeguard measures.

Kim Yong-beom, vice chairman of the Financial Services Commission (FSC), made the remarks at a meeting with consumers. Kim said the government plans to propose a bill for consumer protection in the financial sector and reorganize the commission to bolster its supervision of firms and hold them accountable for any wrongdoing against customers.

Under the proposed changes, consumers will be allowed to buy non-life insurance products without certain policy conditions, and they can request a reactivation of their dormant bank accounts online.

Financial authorities have warned financial institutions against selling services and products using “false information” to boost their profits.