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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] At his first press briefing since taking office on December 1, Financial Supervisory Service (FSS) Governor Lee Chan-jin announced plans to examine whether financial institutions are adequately explaining the risks associated with overseas investments to consumers.
Lee noted that he is “in a similar position, as someone who also holds foreign equities,” emphasizing that the review will focus on ensuring investors clearly understand risks before making decisions, in line with the agency’s consumer-protection mandate.
Regarding the recent KRW 2 trillion fine imposed on banks for mis-selling equity-linked securities tied to the Hang Seng China Enterprises Index (HSCEI), Lee said the action “symbolically reflects the authorities’ commitment to consumer protection.”
He also announced plans to establish a new consumer protection oversight division within the FSS, stating that the agency will strengthen its framework for preemptive financial consumer protection.
알파경제 Paul Lee 특파원(hoondork1977@alphabiz.co.kr)
