19 Banks Make Voluntary Pledge to Prevent Inadequate Sales

The Korea Federation of Banks and 18 banks held a meeting of bank presidents and made a voluntary pledge to create a sales environment that earns customers' trust.

With the rapid aging of the population leading to increased demand for wealth management among the public, the importance of wealth management services has grown. The banking sector recognized the need to strengthen consumer protection efforts accordingly.

In response, the bank presidents announced plans to restructure banks' financial investment product sales channels and to improve sales systems and practices in order to make consumer protection the highest priority. They also pledged to establish a management culture centered on consumer interests and to strengthen internal control systems.

The banks plan to incorporate the announced measures into their internal regulations and implement them as soon as possible.

Cho Yongbyung, Chairman of the Korea Federation of Banks, stated, "As financial partners to consumers, banks must help customers make the right financial choices from the consumer's perspective," and added, "We will continue our efforts to support safe financial lives for consumers by building a business environment that puts consumer rights and interests first."

He also said, "We will focus on equipping sales channels with consumer protection mechanisms, improving consumer understanding of financial products, and strengthening internal controls."

The Korea Federation of Banks and 19 member banks held a meeting of bank presidents on the 28th at the 16th floor of the Bankers Hall and made a voluntary pledge to create a trustworthy sales environment for customers. Lee Heesu, President of Jeju Bank (bottom row from left), Kim Taehan, President of Gyeongnam Bank, Jung Sanghyuk, President of Shinhan Bank, Kang Taeyoung, President of Nonghyup Bank, Lee Hwanju, President of Kookmin Bank, Cho Yongbyung, Chairman of the Korea Federation of Banks, Hwang Byungwoo, President of iM Bank, Lee Hoseong, President of Hana Bank, Kim Sungtae, President of Industrial Bank of Korea, Shin Hakgi, President of Suhyup Bank, Bang Seongbin, President of Busan Bank, Baek Jongil, President of Jeonbuk Bank, Kim Jongmin, Vice President of Gwangju Bank (top row from left), Lee Jehee, Head of Industrial Bank of Korea, Jang Hojun, Vice President of SC First Bank, Kim Sun, Vice President of Woori Bank, Choi Woohyung, President of K Bank, Yoon Hoyoung, CEO of Kakao Bank, Choi Sunghui, Vice President of Toss Bank, and Kim Kyungho, Vice President of Citibank Korea are posing for a commemorative photo. Provided by the Korea Federation of Banks.