Establishment and Operation Rules Enacted at Regular Meeting of the Financial Consumer Protection Policy Evaluation Committee
Majority of Committee Members from the Private Sector
"Fulfilling a National Agenda Item"
The Financial Services Commission will establish a committee where the government and financial consumers can directly discuss financial policies.
On December 17, the Financial Services Commission enacted the "Regulation on the Establishment and Operation of the Financial Consumer Protection Policy Evaluation Committee" at the 22nd regular meeting of the Commission. This regulation is intended to establish the Financial Consumer Protection Policy Evaluation Committee, which is one of the action items for the national agenda of strengthening the protection of financial investors and consumers. The main points include the composition, operation, and scope of work for the policy evaluation committee, which will be formed jointly by the public and private sectors, as well as the subcommittee, which will consist only of private sector members.
The policy evaluation committee will be composed of up to 20 members, including the chairperson, from both the public and private sectors. The public sector will be represented by seven members, including the chairperson of the Financial Services Commission, who will serve as the committee chair, as well as representatives from the Ministry of Economy and Finance, the Fair Trade Commission, the Ministry of SMEs and Startups, the Financial Supervisory Service, the Korea Deposit Insurance Corporation, and the Korea Inclusive Finance Agency. Private sector members will include individuals from financial consumer and inclusive finance organizations, as well as experts from academia and the legal community. To better reflect expert perspectives from the private sector, a majority of the committee members will be from the private sector.
The committee will generally hold meetings once every six months, but additional meetings may be convened at the discretion of the chairperson or upon the request of a majority of the committee members. The committee will discuss policies related to financial consumers and inclusive finance, financial fraud and financial crime, youth finance, and other relevant topics, and may provide opinions to the Financial Services Commission.
An evaluation subcommittee will be established under the main committee. To ensure objective and fair evaluation of financial consumer policies, the subcommittee will consist only of private sector members of the policy evaluation committee, and its chairperson will be elected by the subcommittee members. The subcommittee will generally meet once a year, but additional meetings may be convened at the discretion of the subcommittee chairperson or upon the request of a majority of the subcommittee members. The subcommittee will evaluate policies related to financial consumers and inclusive finance, financial fraud and financial crime, youth finance, and other relevant topics, and will report its evaluation results to the policy evaluation committee.
The Financial Services Commission stated, "Starting in 2026, we will fully operate the policy evaluation committee to ensure that the voices of financial consumers are objectively and transparently reflected at every stage, from policy design and implementation to evaluation."
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