[Asia Economy Reporter Song Seung-seop] As the Financial Consumer Protection Act, which strengthens the rights of financial consumers and the obligations of financial product sellers, is set to be enforced on the 25th of next month, the Korea FPSB, the national certified financial planner certification body, is taking steps to enhance ethical awareness.
On the 18th, Korea FPSB announced that it will designate additional educational institutions and provide self-produced ethics education free of charge to diversify ethics education content.
To offer diverse ethics education, Korea FPSB designated 'Epass Korea' and 'Tomato Pass' as ethics education institutions last year through a public contest held by the Korea FP Association. Earlier this year, 'Hackers Finance' was additionally designated, bringing the total number of designated ethics education institutions to four.
Furthermore, the cyber education program is structured into eight sessions covering topics such as financial planners and professional ethics, ethical growth strategies for financial planners, ethics in the untact era, the Financial Consumer Protection Act, and analysis of financial dispute cases.
This content will be provided free of charge primarily to nine corporate members including banks and insurance companies. Newly joining financial organizations will be selected as full members after a prescribed screening process.
Kim Yong-hwan, Chairman of Korea FPSB, stated, “Financial companies that are not trusted will inevitably be eliminated. While consumer protection systems by financial authorities are important, the proactive approach is to ensure that each financial professional possesses a strong ethical consciousness.”
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