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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] South Korea’s Financial Supervisory Service (FSS) is seeking to strengthen cooperation with major online platforms Naver and Kakao to more rapidly block illegal lending advertisements.
According to financial authorities on March 19, the FSS is reviewing a plan under which it will identify illegal private lending ads through investigations and reports, then notify Naver and Kakao, which will verify and remove the content. The goal is to block such ads within seven days.
The move comes as the Korea Communications Standards Commission’s successor body—the Korea Communications Review Commission for Broadcasting and Media—has been unable to function effectively due to a lack of quorum until recently. As a result, the process of requesting ad removals through the regulator has been significantly delayed.
Launched in late September last year, the commission has the authority to order the deletion or blocking of illegal content. However, with only three members appointed until earlier this month, it was unable to convene meetings, preventing timely action. The full nine-member composition was completed on March 11.
The FSS is estimated to detect more than 100 illegal lending advertisements per day. Despite repeated requests since June last year, many ads were not promptly removed due to procedural delays. Even with the commission now fully staffed, the removal process is said to take more than 40 days on average.
By working directly with platform operators, the FSS aims to significantly shorten response times and enhance consumer protection against illegal financial activities.
알파경제 Kim Jisun Reporter(stockmk2020@alphabiz.co.kr)
