MOU signed with Korea Finance Institute, Korea Federation of Banks
Partners to develop curricula and strengthen on-the-ground expertise
The Financial Supervisory Service, the Korea Finance Institute, the Korea Federation of Banks and eight major financial holding companies — KB, Shinhan, Hana, Woori, NH NongHyup, iM, BNK and JB — have agreed to join forces to train financial consumer protection specialists and strengthen industry-wide capabilities.
The FSS signed a memorandum of understanding with the Korea Finance Institute and the other parties at the institute's main building in Jongno-gu, Seoul, on Friday.
The agreement centers on building a cooperative framework among the FSS, the Korea Finance Institute and the banking sector to help financial institutions embed consumer-centered business practices and earn the public's trust. Under the arrangement, the FSS will advise on curriculum content covering regulatory and supervisory directions and provide lectures to ensure consumer protection training programs are effective. The Korea Finance Institute will develop and operate high-quality curricula to cultivate consumer protection professionals.
The Korea Federation of Banks will facilitate communication and collaboration among the signatory institutions to broaden participation in training across the financial sector. Each financial holding company will encourage its executives and employees to take part in consumer protection education to deepen on-the-ground expertise. The signing ceremony was attended by FSS Director General Lee Chan-jin, Korea Finance Institute President Lee Jun-su, Korea Federation of Banks Chairman Cho Yong-byoung, and the heads of the eight holding companies: Yang Jong-hee of KB, Jin Ok-dong of Shinhan, Ham Young-joo of Hana, Lim Jong-ryong of Woori, Lee Chan-woo of NH, Hwang Byung-woo of iM, Bin Dae-in of BNK and Kim Ki-hong of JB.
Attendees agreed that strengthening financial consumer protection capabilities is a core priority for building trust in the financial sector and achieving sustainable growth, and pledged mutual cooperation.
The institutions plan to work together to embed consumer protection education in day-to-day operations, review outcomes and field feedback, and incorporate changes in the financial environment and emerging issues to improve effectiveness. FSS Director General Lee Chan-jin said consumer protection "is not a short-term cost but a long-term investment that raises trust in the financial industry and its growth potential," adding that it "cannot be achieved through regulation alone — it is completed when awareness and practice on the ground are added." He called on the holding companies for their attention and support. The eight holding company chiefs responded by pledging to "build a corporate culture in which all executives and employees can put financial consumer protection into practice."
ehkim@heraldcorp.com
