Briefing Session on Preventing Illegal and Unfair Business Practices for Loan Sharks in the Seoul Metropolitan Area on the 17th
The Financial Supervisory Service (FSS) announced that it will hold an explanatory meeting on the 17th for loan businesses in the metropolitan area, in collaboration with the Korea Financial Loan Association. The FSS plans to hold nationwide touring explanatory meetings in five major cities, including Busan, in the future.
This explanatory meeting was organized to encourage the interest of loan industry stakeholders so that the newly established system related to the Personal Debtor Protection Act, aimed at protecting the rights of loan users, is properly established in the loan industry ahead of the enforcement of the "Act on the Management of Personal Financial Claims and Protection of Personal Financial Debtors."
At the meeting, the FSS's Consumer Protection Response Division, the Korea Financial Loan Association, and the Credit Information Center will provide education on major legal violations identified during inspections, precautions during operations, key contents of the Personal Debtor Protection Act, dissemination of precautions related to loan businesses, and the credit information concentration system.
Park Woon-gyu, head of the Loan Business Supervision Team at the FSS, stated, "We expect to enhance the compliance awareness of loan businesses nationwide and smoothly establish the new system in the loan industry, thereby strengthening the rights of loan users and improving trust in the loan industry." He added, "We plan to prepare various educational channels for loan businesses, continuously monitor compliance with regulations, and promptly guide improvements for any deficiencies."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
