Lee Bok-hyun, the head of the Financial Supervisory Service, urged financial firms to establish an organizational culture that emphasizes consumer protection principles.
On the afternoon of the 24th, Lee attended a forum held at the Banking Association of Korea in Jung-gu, Seoul, themed 'Achievements and Challenges of the Enforcement of the Financial Consumer Protection Act After Four Years, and the Future.' The forum, hosted by the FSS, aimed to evaluate the achievements since the enforcement of the Financial Consumer Protection Act and seek solutions to the issues revealed through the Hong Kong H index-linked securities (ELS) incident. Lee, Kim Mi-young, head of the FSS's Financial Consumer Protection Division, Jo Yong-byeong, chairman of the Banking Association, as well as financial sector executives, academics, and consumer organization representatives attended the event.
At the forum that day, discussions took place on preventing incomplete sales of financial products, preventing new types of damage caused by the spread of digital and AI technologies, and the need to strengthen the expertise of consumer protection organizations within financial companies.
Lee pointed out, 'While the introduction of the Financial Consumer Protection Act has enhanced consumer protection rights, there are still instances in the field where cases contrary to consumer protection principles occur.' He further noted, 'There is a need to overhaul the Financial Consumer Protection Act and consumer-related systems,' and emphasized, 'Financial firms must create an organizational culture that values consumer protection.'