The Financial Supervisory Service (FSS), South Korea’s financial watchdog, has entered into a collaborative agreement with six industry associations and training institutions aimed at strengthening the financial consumer protection capabilities of executives and staff across the country’s financial sector.
According to Asia Business Daily, the agreement, announced on 21 July and signed at the FSS main office in Yeouido, Seoul, brings together 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 Institute of Korea.
The signing ceremony was attended by FSS governor Lee Chan-jin alongside Hwang Sung-yeob, chairman of the Korea Financial Investment Association; Kim Cheol-joo, chairman of the Korea Life Insurance Association; Lee Byung-rae, chairman of the General Insurance Association of Korea; Lee Dong-chul, chairman of the Credit Finance Association; Oh Hwa-kyung, chairman of the Korea Federation of Savings Banks; and Ha Tae-kyung, president of the Insurance Institute of Korea.
According to the regulator, the pact is designed to raise the level of expertise among personnel at financial firms while building a cooperative framework that anchors consumer protection values within every stage of business operations.
The signatories have committed to ongoing cooperation on designing, running and broadening participation in training schemes, ensuring that senior leaders in particular gain the knowledge required for their responsibilities. To sharpen the impact of this training, the FSS will provide guidance on course content and lectures covering consumer protection and the pressing issues facing each sector.
In the second half of 2026, the regulator intends to launch two pilot programmes targeting senior figures such as chief compliance officers, planning executives and department heads with consumer protection remits.
These sessions will centre on real cases, with the goal of translating consumer protection principles into day-to-day practice. Once the pilots conclude, each association and institution will introduce dedicated consumer protection courses into their annual training calendars, shaped by sector demand and the results of the initial programmes.
The six organisations have also pledged to run structured training tailored to the characteristics of their respective sectors and to drive up participation among member firms, with the aim of maximising the effectiveness of the initiative.
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