South Korea’s Financial Services Commission (FSC) appointed five external experts to its sixth ombudsman panel for a two-year term, with consumer group representatives serving as both chair and a sector member. Moon Mi-ran, president of the Korea National Council of Consumer Organizations, will chair the panel. The other members cover banking, financial investment, insurance, and consumers and small businesses. Established in February 2016, the ombudsman independently reviews financial authorities’ administrative regulation and consumer protection arrangements. It recommends improvements to unreasonable administrative guidance and supervisory practices and proposes changes to address financial firms’ grievances and consumers’ difficulties. At the appointment ceremony, FSC Chairman Lee Eog-weon urged the panel to identify consumer problems and regulatory gaps arising from the expansion of artificial intelligence and digital finance, and to propose remedies for unreasonable regulations and practices.
South Korea’s Financial Services Commission appoints sixth ombudsman panel with consumer group representatives in chair and member roles
South Korea’s Financial Services Commission appointed five external experts to its sixth ombudsman panel for two years, naming consumer group leader Moon Mi-ran as chair and another consumer group representative as a member. The panel reviews regulatory and supervisory practices and proposes improvements addressing firms’ grievances and consumer difficulties. FSC Chairman Lee Eog-weon urged members to identify emerging consumer problems and regulatory gaps associated with artificial intelligence and digital finance.