The Financial Supervisory Service (FSS), South Korea’s financial watchdog, has signed a collaborative agreement with six industry associations and training bodies aimed at strengthening the consumer protection capabilities of executives and staff across the country’s financial institutions.
According to Asia Business Daily, the agreement, signed on 21 July at the FSS headquarters in Yeouido, Seoul, brings together the Korea Financial Investment Association, the Korea Life Insurance Association, the General Insurance Association of Korea, the Credit Finance Association, the Korea Federation of Savings Banks and the Insurance Institute of Korea.
The signing ceremony was attended by FSS governor Lee Chan-jin alongside the leaders of each organisation: Hwang Sung-yeob of the Korea Financial Investment Association, Kim Cheol-joo of the Korea Life Insurance Association, Lee Byung-rae of the General Insurance Association of Korea, Lee Dong-chul of the Credit Finance Association, Oh Hwa-kyung of the Korea Federation of Savings Banks and Ha Tae-kyung of the Insurance Institute of Korea.
According to the FSS, the pact is designed to raise the professionalism of financial firm personnel and to build a cooperative framework that ensures consumer protection values are woven into every stage of business processes. The signatories have committed to ongoing collaboration on developing and running training programmes, and on widening participation, so that executives, particularly those in senior positions, gain the expertise their roles demand.
To sharpen the impact of this education, the regulator will provide guidance on course content and lectures covering consumer protection and the key issues facing each part of the industry.
In the second half of this year, the FSS will prioritise two pilot programmes targeting senior figures such as chief compliance officers, planning executives and department heads with consumer protection responsibilities.
The courses will centre on case-based learning, with the goal of translating consumer protection principles into everyday practice. Once the pilots conclude, the associations and training institutions intend to add new consumer protection courses to their annual training calendars, shaped by sector demand and the results of the pilot phase.
The six organisation heads have also pledged to boost the effectiveness of the initiative by running structured programmes tailored to the characteristics of their respective sectors and by driving greater participation among member firms.
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