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S. Korea: Cabinet Okays New Body to Protect Financial Consumers |
| Source: |
yonhapnews.co.kr |
| Source Date: |
Thursday, February 02, 2012 |
| Focus: |
Knowledge Management in Government
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| Country: |
Korea (Republic of) |
| Created: |
Feb 07, 2012 |
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The Cabinet endorsed a bill on Tuesday to create a consumer protection agency under the wing of the country's financial watchdog as part of efforts to bolster consumers' rights.
Under the revision, a quasi-independent organization, tentatively named the Financial Consumer Protection Agency, will be set up under the wing of the Financial Supervisory Service (FSS) to "better oversee financial institutions from consumers' perspectives and to better deal with consumers' financial disputes."
The agency's chief, whose term of office will be three years, is to be appointed by the Financial Services Commission (FSC) chairman, who also will have the authority to approve its budget.
Reflecting a power-sharing deal between the two regulatory bodies, the draft bill was written last year by the FSC, which expects the new agency to be created as early as this June.
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S. Korea: Cabinet Okays New Body to Protect Financial Consumers The Cabinet endorsed a bill on Tuesday to create a consumer protection agency under the wing of the country's financial watchdog as part of efforts to bolster consumers rights
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