Lee Chan-jin, head of the Monetary Supervisory Service, solutions President Lee Jae Myung’s query on the Monetary Companies Fee and Truthful Commerce Fee’s enterprise report within the Authorities Advanced, Seoul, Dec. 19. Yonhap
The Monetary Supervisory Service (FSS) on Monday introduced a restructuring plan aimed toward strengthening client safety, together with the creation of a brand new division reporting on to its governor.
Underneath the restructuring plan, the present client safety workplace shall be upgraded with supervisory features and reorganized because the division that may oversee client safety throughout all sectors.
It marks the primary main restructuring since Lee Chan-jin grew to become the FSS governor in August.
The envisioned division, instantly below Lee, will strengthen oversight of monetary product design, approval and gross sales processes, and likewise assist client alerts.
As well as, a governor-level advisory committee, together with specialists from academia and client teams, shall be established to advise on client safety insurance policies and conduct evaluations of client safety practices.
The watchdog stated it expects the modifications to boost accountability, enhance coordination throughout sectors and speed up enforcement actions.
For the insurance coverage sector, which accounts for many client complaints, dispute decision and evaluation of fundamental insurance coverage paperwork will stay throughout the client safety workplace.
The FSS additionally plans to determine a particular investigative activity power to deal with monetary crimes affecting customers.
