Financial groups move to strengthen consumer protection in line with government policy

Financial holding companies are moving quickly to revamp their systems to bolster consumer protections, in line with the Lee Jae Myung administration’s push for a more consumer-centric financial sector, industry officials said Monday. By placing consumer protection at the core of their group strategies, the companies aim to reduce regulatory risks while strengthening trust with authorities, they said. KB Financial Group recently introduced a new consumer protection framework built around three core principles — consumer rights, accountability and trust. The framework combines the U.K. Financial Conduct Authority’s (FCA) consumer standards with KB Financial’s customer-focused philosophy and field experience. Under the framework, the group will prioritize consumer protection across the entire lifecycle of financial products and services, from development and planning to sales and aftercare. It also plans to expand access to dedicated services for financially vulnerable customers and reinforce its fraud prevention capabilities by developing an artificial intelligence-powered damageWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times