Financial Services Commission Awards Outstanding Public Officials for Proactive Administration Including Card Point Cash Conversion

Selection of 7 Cases Including Consumer Rights and Leading Economy Initiatives

[Asia Economy Reporter Jin-ho Kim] The Financial Services Commission announced on the 18th that it has selected a total of seven cases, including the cash conversion of card points, as exemplary cases of proactive administration.

On the 9th, the Financial Services Commission held the '4th Proactive Administration Committee' chaired by Vice Chairman Do Gyu-sang and confirmed seven cases of 'proactive administration in the first half of 2021' and six responsible public officials.

Chairman Eun Sung-soo personally awarded certificates and prize money to the six outstanding public officials on the day. Plans are also in place to provide exceptional incentives such as the highest grade of performance pay in the future.

First, the Financial Services Commission selected four cases aimed at enhancing the rights and interests of financial consumers. In the case of card point cash conversion, it received high praise for returning 203.4 billion KRW to the public within four months after the service launch. Deputy Director Yoo Won-gyu of the Small and Medium Finance Division received the award.

Next, improvements to prevent consumer damage, such as failing to notify users of paid subscription conversions or making cancellations and refunds difficult, were also selected as exemplary cases. The resolution of duplicate subscriptions to group insurance for designated drivers and the activation of the housing pension system for old-age security were also included. Deputy Director Yoo Won-gyu of the Small and Medium Finance Division was honored for the subscription economy case, while Deputy Director Kim Ki-hoon of the Insurance Division and Deputy Director Kim Ki-tae of the Household Finance Division received awards for the designated driver group insurance and housing pension cases, respectively.

Three cases related to the transition to a leading economy and future growth engines of Korea, such as digital finance, were also selected. These include ▲Policy-type New Deal Fund (Deputy Director Lee Young-pyeong) ▲Active mediation of labor-management conflicts in the innovative financial service 'KB Altteul Phone' (Deputy Director Seo Ji-eun) ▲Enhancement of competition in the MyData industry (Deputy Director Song Hyun-ji).

Chairman Eun said, "Proactive administration is finally bearing fruit as good policies that the public can tangibly feel," adding, "I hope many citizens will benefit from excellent policies such as the implementation of the erroneous remittance return system in the second half of the year."

This content was produced with the assistance of AI translation services.