South Korea Financial Consumer Protection Strengthened With New Regulator Task Force

South Korea financial consumer protection is set to be strengthened as the Financial Supervisory Service plans organisational changes, including creating a new division reporting directly to the governor.

The regulator said the existing consumer protection office will be upgraded with broader supervisory powers over product design, approval and sales practices across financial sectors, reinforcing South Korea financial consumer protection standards.

The FSS will also establish a governor-level advisory committee with external experts from academia and consumer groups to review protection practices and advise on policy.

Separately, it plans to launch a special investigative task force to tackle financial crimes that harm consumers.

Dispute resolution for insurance complaints will remain within the consumer protection office.