[Alpha Biz= Paul Lee] At his first press briefing since taking office on December 1, Financial Supervisory Service (FSS) Governor Lee Chan-jin announced plans to examine whether financial institutions are adequately explaining the risks associated with overseas investments to consumers.

Lee noted that he is “in a similar position, as someone who also holds foreign equities,” emphasizing that the review will focus on ensuring investors clearly understand risks before making decisions, in line with the agency’s consumer-protection mandate.

Regarding the recent KRW 2 trillion fine imposed on banks for mis-selling equity-linked securities tied to the Hang Seng China Enterprises Index (HSCEI), Lee said the action “symbolically reflects the authorities’ commitment to consumer protection.”

He also announced plans to establish a new consumer protection oversight division within the FSS, stating that the agency will strengthen its framework for preemptive financial consumer protection.

 

 

 

[ⓒ 알파경제. 무단전재-재배포 금지]