Financial Services Commission to Conduct 'Online Financial Consumer' Behavior Survey Within the Year

First Meeting of the Continuous Improvement Council for Explanation Obligation Guidelines

[Asia Economy Reporter Kim Jin-ho] The Financial Services Commission has decided to conduct an online financial consumer behavior survey for three months starting next month. The plan is to investigate the decision-making behaviors of financial consumers throughout the online sales process and prepare recommendations for improving related guidelines by May next year.

On the 5th, the Financial Services Commission held the first meeting of the permanent improvement consultative body for explanation obligation guidelines and announced this plan. The consultative body was formed mainly around four research institutions and associations.

The research institutions plan to analyze best practices, complaint and dispute cases, and prepare recommendations for guideline improvements based on domestic and international empirical research results. The associations will cooperate by providing survey data on the industry's major status and complaint and dispute cases related to the agenda, and collect industry opinions on the guideline improvement recommendations.

The consultative body plans to prepare recommendations for improving the explanation obligation guidelines at least once a year. The Financial Services Commission Ombudsman will review the guideline recommendations submitted by the consultative body as rational implementation measures of the explanation obligation before finalizing them.

As a priority review item this year, the consultative body stated it will prepare effective implementation measures for the explanation obligation during the online sales process.

This measure considers that consumers in the online sales environment tend to only open investment prospectuses without reading them, showing different behaviors compared to when using face-to-face channels. Additionally, standards for preparing prospectuses suitable for online sales and customer communication methods during the online sales process will also be developed.