Korea Financial Investment Association Conducts Qualification Certification Training and Evaluation for 'Loan Product Sales Agents and Brokers'

Existing Loan Solicitors Must Undergo New Registration Procedures

[Asia Economy Reporter Ki Ha-young] The Credit Finance Association Training Institute announced on the 25th that, together with the Korea Financial Training Institute and the Insurance Training Institute, it will conduct registration education for those seeking qualification certification to register as agents or brokers selling loan-type products in accordance with laws protecting financial consumers.

Additionally, the Credit Finance Association Training Institute plans to conduct an evaluation (in-person exam) for those who have completed the new registration education course.

The registration education will be operated as both new and experienced courses and can be applied for online at each training institution starting from the 28th. A certificate of completion will be issued upon finishing the education. Experienced individuals are those who have worked for more than three years in direct sales of financial products handling loan-type products and only need to complete the registration education. On the other hand, new applicants who wish to work as agents or brokers selling loan-type products must pass the evaluation exam after completing the registration education.

The education courses are offered in two types: general loan products and lease/installment products, and both courses must be completed when handling all loan-type products. The education hours are 24 hours each for experienced individuals and 48 hours each for new applicants.

The evaluation exam for those who have completed the new registration education can be applied for at the Credit Finance Association Training Institute starting from the 6th of next month, and a qualification certificate will be issued to those who pass the exam. The first evaluation exam date is August 7.

This education and evaluation are legally mandated qualification processes conducted in advance to certify the professionalism and ethics of agents and brokers selling loan-type products. The curriculum consists of understanding loan-type financial products, laws protecting financial consumers, and dispute cases. Starting from September 25, agents and brokers selling loan-type products must undergo this education and evaluation to operate legally.

Furthermore, from 2023, refresher education will also be conducted at each training institution for those registered as agents or brokers selling loan-type products.