KB Financial Group said on the 21st that it has established a "consumer protection value system" that strengthens principles and accountability for protecting consumer rights and interests.
The consumer protection value system was built based on the United Kingdom Financial Conduct Authority (FCA)'s "Consumer Duty," reflecting KB Financial Group's customer-centric management philosophy and on-the-ground experience. The UK FCA's Consumer Duty, implemented since 2023, is regarded as a positive example that shifted consumer protection by financial companies from a regulation-centered approach to substantive protection.
KB Financial Group plans to drive substantive changes in consumer protection and expand them across its affiliates based on three core values: the rights and interests of consumers, responsibility to consumers, and the trust given to consumers.
First, to protect consumers' rights and interests, it will establish a financial product and service management process that makes consumer protection the top criterion across the entire lifecycle—from sourcing and planning to sales and after-sales service—and build a system in which consumers' voices are continuously reflected. It will also expand eligibility for dedicated service counters for the financially vulnerable and continuously improve processes for financial convenience.
To fulfill its responsibility to consumers, it will also enhance its comprehensive response system to prevent financial fraud. By developing an AI-based loss analysis model, advancing the voice phishing monitoring system (VMS) and the fraud detection system (FDS), building an integrated response framework with external institutions, and conducting voice phishing publicity and education for customers, it will strengthen the function of preemptively preventing financial crimes. It also plans to improve the responsibility-sharing process for non-face-to-face financial accidents, with the goal of putting consumer trust and the protection of rights and interests first.
In addition, to build trust with consumers, it will strengthen its financial consumer protection governance and operate internal rules focused on financial consumers. In particular, it will reinforce the consumer protection framework for high-risk products by adding post-sale monitoring items for investment-type products and tightening sales limit management standards, and it will run the key performance indicator (KPI) design in a direction that prioritizes consumers' interests over short-term results.
A KB Financial Group official said, "It is meaningful that the value system established as a result of considering fundamental changes in finance to strengthen consumer protection also aligns with the consumer-centric trend of the times," adding, "KB Financial Group will spread the consumer protection value system across all affiliates of the group and continuously improve systems and culture so that consumers can gain tangible benefits and trust."