Financial Supervisory Service to Also Compare and Disclose Personal Business Loan Products

On the 20th, the Financial Supervisory Service (FSS) announced that it will add information on loan products for individual business owners to the "Financial Products at a Glance" comparison disclosure system to help individual business owners choose loan products.

The FSS and seven financial industry associations plan to provide a service starting this December that allows users to compare loan products for individual business owners from banks, savings banks, insurance companies, and other financial institutions at a glance. This measure aims to enable busy individual business owners to easily compare loan interest rates and terms without having to visit financial institutions one by one.

Key improvements include ▲expansion of comparison disclosure for savings banks' demand deposit products (December 2024) ▲establishment of a separate comparison system for pet insurance products (second half of 2025) ▲provision of preferential interest rate information for loan products (first half of 2025) ▲provision of unclaimed retirement pension inquiry service (completion by August 2024), among others.

In a satisfaction survey conducted by the FSS from May 17 to June 5 this year, 4,632 participants recorded an overall satisfaction rate of 79.1%, which is an increase of 8.4 percentage points compared to the previous year.

An FSS official stated, "We will continue to collect consumer feedback and identify and address areas for improvement to enhance the convenience and usability of the comparison disclosure system."

Financial consumers can compare and check information on various financial products such as savings deposits, loans, and insurance through the FSS's "Financial Products at a Glance" and "Integrated Pension Portal."