Financial watchdog unveils restructuring aimed at strengthening consumer protection

The Financial Supervisory Service on Monday announced a restructuring plan aimed at strengthening consumer protection, including the creation of a new division reporting directly to its governor.

Under the restructuring plan, the existing consumer protection office will be upgraded with supervisory functions and reorganized as the division that will oversee consumer protection across all sectors.

It marks the first major restructuring since Lee Chan-jin became the FSS governor in August.

The envisioned division, directly under Lee, will strengthen oversight of financial product design, approval and sales processes, and also support consumer alerts.

In addition, a governor-level advisory committee, including experts from academia and consumer groups, will be established to advise on consumer protection policies and conduct evaluations of consumer protection practices.

The watchdog said it expects the changes to enhance accountability, improve coordination across sectors and accelerate enforcement actions.

For the insurance sector, which accounts for most consumer complaints, dispute resolution and review of basic insurance documents will remain within the consumer protection office.

The FSS also plans to establish a special investigative task force to handle financial crimes affecting consumers. (Yonhap)

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