FSS Enhances Financial Product Comparison Disclosure System... Adds ETFs

Satisfaction Survey Conducted with Seven Financial Associations
Overall Satisfaction Rises by 3.6 Percentage Points to 82.7% Compared to Last Year

The Financial Supervisory Service (FSS), together with related financial associations, will improve the financial product comparison disclosure system. Exchange-traded funds (ETFs) will be added to the pension savings product comparison disclosure, and the mobile disclosure interface will be enhanced.

On December 25, the FSS and seven financial associations (Korea Federation of Banks, Korea Federation of Savings Banks, Korea Financial Investment Association, Korea Life Insurance Association, General Insurance Association of Korea, Credit Finance Association, and National Credit Union Federation of Korea) conducted a satisfaction survey on the financial product comparison disclosure system and announced their improvement plans. They operate "Financial Products at a Glance" and the "Integrated Pension Portal" to help consumers easily compare and select information on various financial products. "Financial Products at a Glance" provides information on interest rates and transaction conditions for deposit, savings, and loan products by financial institution. The "Integrated Pension Portal" provides information on the rates of return and fee rates for pension savings products and retirement pension products.

First, the Integrated Pension Portal will begin disclosing ETF information for pension savings products. This will allow users to easily compare information such as the average annual rate of return and fee rates for each ETF product. The mobile disclosure interface for business loan products on "Financial Products at a Glance" will also be improved. The usability of information on business loan products on "Financial Products at a Glance" will be enhanced. To enable consumers to freely utilize disclosure information on business loan products, open APIs and product comparison features will be provided.

The General Insurance Association of Korea will expand the comparison disclosure to make it easier to search and compare insurance products for seniors. The deposit product search screen of the National Credit Union Federation of Korea will also be improved. The sales regions will be subdivided down to the city, county, and district level, and a search function for individual credit unions will be added.

Meanwhile, the FSS conducts an annual satisfaction survey of the comparison disclosure system with financial associations and identifies and addresses areas for improvement based on the results. This year, a total of 4,924 people participated in the satisfaction survey. The overall satisfaction rate was 82.7%, up 3.6 percentage points from the previous year, and satisfaction with each detailed item also increased compared to the previous year.

The FSS stated, "Based on the improvement items identified through this year's satisfaction survey results, we will implement them without delay. In the future, we will continue to gather consumer feedback through satisfaction surveys and take action on improvement items to create a more convenient and useful comparison disclosure system."