The Financial Services Commission ('FSC') published, on 17 February 2020, its 2020 overview plan ('the Overview Plan'). In particular, the Overview Plan outlines measures to strengthen consumer protection through, among other things, the implementation of amendments to the Credit Information Use and Protection Act and the establishment of an institutional basis for financial consumer protection. Moreover, the Overview Plan highlights aims to utilise Big Data and artificial intelligence in order to tailor financial services for consumers, detect abnormal financial transactions, develop third-party risk management, and enhance the supervision of certain investment products.

In addition, the Overview Plan details core tasks for 2020 such as supporting innovation, strengthening financial policies, and developing responses to financial risks. Lastly, the Overview Plan considers the impact of the coronavirus on financial services.

You can read the press release and download the Overview Plan here, both only available in Korean.

UPDATE (19 February 2020)

FSC publishes 2020 business plan

The FSC published, on 19 February 2020, its 2020 business plan ('the Business Plan') which details the measures and information contained in the Overview Plan. In particular, the Business Plan highlights that the institutional basis for financial consumer protection will include systematic regulation of the entire process for protecting financial consumers, including dispute settlement and supervision. Furthermore, the Business Plan considers measures for more reliable data utilisation, enhancing the use of financial Big Data, and the development of market infrastructure for digital finance.

You can read the press release and download the Business Plan here, both only available in Korean.