Complaints across the financial sector topped 120,000 last year. Complaints about virtual asset exchanges surged 1,000%.
According to the "2025 trends in financial complaints and consultations" released by the Financial Supervisory Service on the 21st, financial complaints last year totaled 128,419, up 10.4% from a year earlier.
By sector, investment-related financial complaints numbered 14,944, a 65.4% increase from the previous year, the highest growth rate. In particular, virtual asset complaints jumped 4,088 from the second half of the previous year, soaring 1,014.4%.
Complaints surged over virtual asset exchanges failing to pay benefits from API first transaction sign-up bonus events. In asset management, complaints rose 68.6% from a year earlier, and securities complaints increased 26.9%.
Non-life insurance and life insurance complaints totaled 48,281 and 14,656, up 19.6% and 12.0%, respectively. The insurance industry accounted for 49.0% of all financial complaints—the highest share in the financial sector—with non-life at 37.6% and life at 11.4%.
In non-life, complaints increased across all types, including insurance benefit calculation and payment (up 3,135), decisions on whether to pay benefits (coverage determinations) (up 1,893), and insurance solicitation (up 263). In life, solicitation complaints decreased by 658, but insurance benefit calculation and payment and coverage determinations increased by 804 and 344, respectively.
Banking complaints totaled 21,596, down 10.2% from a year earlier. Complaints involving microfinance sectors and credit card companies fell by about 2%. Complaints rose for lenders (25.8%) and credit unions (28.6%).
The number of financial complaints processed was 127,809, up 17.0% from the previous year. General complaints totaled 84,240, and dispute-related complaints totaled 43,569. The processing period was 46.6 days, 5.1 days longer than a year earlier, and the acceptance rate for complaints was 41.3%, up 1.4 percentage points year over year.
A Financial Supervisory Service (FSS) official said, "We will pursue fair and swift relief for damages by strengthening the function of the Dispute Mediation Committee and efficiently handling complaints and disputes."