The Financial Supervisory Service evaluated the consumer protection status of 26 financial institutions, including banks, life insurance companies, non-life insurance companies, securities firms, savings banks, and credit card companies, and found that 9 were rated as 'insufficient' or 'vulnerable.'
The Financial Supervisory Service stated on the 15th that this result was found after evaluating 26 out of the 74 financial institutions targeted for the second round of evaluations (2024–2026). The evaluation criteria consisted of two quantitative categories: ▲ effort in handling complaints and litigation ▲ general and electronic financial incident resolution and dormant asset reimbursement, and six qualitative categories: ▲ dedicated organization and personnel for internal control systems ▲ product development, sales criteria, and procedures.
The FSS assigned ratings of excellent, good, average, insufficient, and vulnerable across five levels. There were no excellent ratings, while Samsung Fire & Marine Insurance, KB Insurance, and Hyundai Capital received good ratings. These three companies were relatively well-rated for actively incorporating consumer feedback in product development, effectively monitoring complaints, and striving to enhance accessibility for vulnerable groups.
Nine companies that caused social controversy due to sanctions from consumer protection authorities or incomplete sales had their ratings downgraded by one level. Kyongnam Bank, Kookmin Bank, Hana Bank, iM Bank, Kiwoom Securities, Korea Investment & Securities, and Shinhan Card received 'insufficient' ratings.
Yuanta Securities and Meritz Capital were rated as 'vulnerable.' The delay in processing customer complaints following a large-scale incident before the public offering in 2022 was a problem for Yuanta Securities, while Meritz Capital showed insufficient consumer protection measures during product development, sales, and performance reward system operations.
The FSS noted that while the quantitative evaluation categories were generally good, there were cases of insufficiencies in the operation of internal control systems in the qualitative evaluation categories. It also assessed that proactive improvements are needed in the operation of performance reward systems, internal control self-assessments, and the management of organizations and personnel related to consumer protection.
The FSS plans to require each financial institution to submit improvement plans for the areas identified as insufficient in the evaluation results and to manage their implementation. In particular, detailed guidance will be provided for Yuanta Securities and Meritz Capital, which received 'insufficient' ratings, to encourage company-wide improvement efforts.
An official from the FSS stated, 'In the future, we will continue to enhance the consumer protection status evaluation system, considering changes in the financial environment, and work with the industry to ensure that financial institutions' consumer protection systems operate more effectively.'