FSS chief prioritizes consumer protection in 1st meeting with bank CEOs

Financial Supervisory Service (FSS) Gov. Lee Chan-jin on Thursday stressed the role of banks in safeguarding financial consumers and restoring public trust, pledging to make consumer protection the top priority in all future supervisory and inspection activities. Lee urged the establishment of a preventive protection system to avoid a recurrence of large-scale losses, such as those from Hong Kong-tied equity-linked securities (ELS). He also called for stronger internal controls powered by artificial intelligence (AI) to prevent incidents such as personal data breaches and employee embezzlement. He made the remarks during a meeting with the heads of 20 domestic banks, where he discussed key challenges facing the banking sector and the direction the financial institutions should pursue. It was his first official move since taking office earlier this month. “From now on, the FSS will place consumer protection at the forefront of all supervisory and inspection activities, making it a core and unwavering principle,” he said. “Banks can achieve sustainable growth only when financial consWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times