FSS chief calls for consumer protection to be embedded across all financial operations

Financial Supervisory Service chief Lee Chan-jin said Tuesday that "awareness of financial consumer protection must be embedded throughout every stage of a financial firm's operations, not confined to a specific department," adding that key executives — including chief consumer officers — must be sufficiently qualified.

Lee made the remarks at the FSS headquarters in Yeouido, Seoul, after signing MOUs with industry associations and training institutions on strengthening consumer protection capabilities among financial firm staff, calling for the systematic operation of training programs.

The agreements extend a consumer protection capacity-building initiative launched last month focused on the banking sector, broadening it to cover major financial segments including investment, insurance, credit finance and savings banks.

The FSS, the Korea Financial Investment Association, the Korea Life Insurance Association, the General Insurance Association of Korea, the Credit Finance Association, the Korea Federation of Savings Banks and the Insurance Research & Training Institute plan to build a cooperative framework to deepen consumer protection expertise among financial firm staff and embed those values across all stages of their work.

Under the agreement, pilot training sessions will be held in the second half of the year, targeting key executives responsible for management strategy and consumer protection. The curriculum will be divided into two tracks — senior management and heads of consumer protection departments — with case-based instruction designed to help participants incorporate consumer protection principles into their work processes.

Following the pilot sessions, each association and training institution will draw on sector-specific demand and training outcomes to establish and operate dedicated consumer protection courses as part of their annual training schedules.

"The risks facing financial consumers are no longer limited to specific sectors or products — they are spreading across all financial transactions," Lee said. "Staff awareness must not stop at after-the-fact management such as handling complaints or disputes. Consumer protection must be embedded throughout the entire workflow — from product planning and design to sales, post-sale management and internal controls," he added.

"Strengthening the financial consumer protection training framework will serve as an important starting point for rooting consumer protection awareness across the financial industry," he said, adding that "we will actively cooperate to ensure that training programs take firm hold in each sector, through curriculum advisory support and lecture assistance."