[Asia Economy Reporter Kim Hyo-jin] The compensation procedures by major banks for loss cases related to overseas interest rate-linked derivative-linked funds (DLF), which were subject to the Financial Supervisory Service's dispute resolution process, have been completed.
According to financial authorities and the financial sector on the 9th, Woori Bank and KEB Hana Bank recently completed the compensation procedures for six investors who applied for dispute resolution to the Financial Supervisory Service's Dispute Resolution Committee. Among the six investors, one investor on Woori Bank's side, who was recommended the lowest compensation rate of 40%, accepted the compensation plan on the 7th, marking the final acceptance.
The Dispute Resolution Committee set a basic uniform compensation of 20%, with compensation principles ranging from 40% to 80% depending on each investor's circumstances such as past investment experience and transaction scale. Woori Bank and others have promptly paid the compensation amount once the investor accepted the compensation plan. The two banks have been proceeding with compensation since last year according to the committee's decision.
It is also known that the banks have largely completed voluntary investigation procedures for investors who did not apply for dispute resolution to the Financial Supervisory Service. A bank official said, "We are accelerating the process to promptly complete the overall compensation procedures." The Financial Supervisory Service plans to receive and review the results of the voluntary investigation next week and then proceed with the compensation procedures.
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