Financial Supervisory Service Holds Forum to Strengthen Financial Consumer Protection

The Financial Supervisory Service announced that it held a forum on the afternoon of April 24 at the Korea Federation of Banks to mark the fourth anniversary of the enforcement of the Financial Consumer Protection Act, under the theme "Achievements, Challenges, and the Future of the Four Years of the Financial Consumer Protection Act."

This forum was organized to assess the achievements since the implementation of the Act, to address the issues revealed by the Hong Kong Equity-Linked Securities (ELS) incident, and to explore ways to strengthen consumer protection in response to changes in the financial environment such as digitalization.

The event was attended by executives and staff of the Financial Supervisory Service, the president of the Korea Federation of Banks, as well as expert panelists from academia, industry, consumer organizations, and research institutes. Key topics presented included the achievements and challenges of the four years since the introduction of the Act, the causes, responses, and tasks related to the ELS incident, and measures to protect financial consumers in light of recent environmental changes.

A representative of the Financial Supervisory Service emphasized, "We plan to continuously identify and improve tasks for financial consumer protection, taking into account the discussions from this forum," and added, "We will continue to listen to the voices of the industry and consumers through various channels in the future."