Lee Chan-jin, head of the Financial Supervisory Service (FSS), expressed his commitment to listening to the voices of financial consumers and incorporating their feedback into policy improvements. His aim is to enhance financial accessibility for vulnerable groups, including the elderly and disabled, and to address consumer inconveniences related to product explanations and fraud prevention.
On July 16, the FSS held a 'Consumer Voice Listening Session' chaired by Lee, where over 30 participants, including representatives from elderly and disabled organizations, consumer groups, and the financial industry, discussed measures for consumer protection. This session was designed to directly hear the challenges consumers face in financial settings and to reflect these insights in consumer protection oversight and policy reforms.
Lee stated, "Finance should not be an obstacle in anyone's daily life but rather a stepping stone that supports life." He emphasized that the session was an opportunity to hear firsthand about the inconveniences and challenges consumers encounter in financial transactions. He urged participants to candidly present the difficulties they experience.
Key topics of discussion included strategies for preventing financial fraud targeting the elderly and improving financial accessibility. Attendees suggested providing clear explanatory materials for high-risk financial products and implementing alert systems for unusual transactions above a certain threshold. They also recommended expanding alternative financial services, such as mobile branches, post office counters, and senior-friendly ATMs, to mitigate service gaps caused by bank branch closures.
The session also addressed ways to enhance accessibility for disabled financial consumers. Participants proposed expanding fee waivers for in-person and phone transactions for visually impaired individuals and suggested evaluating the accessibility levels of financial institutions to encourage voluntary improvements. The need for text-based counseling for the hearing impaired and the expansion of braille and audio guidance materials, as well as enhanced financial services and education for disabled individuals in rural areas, was also highlighted.
General financial consumers called for stronger explanations of key risks during the product subscription process while advocating for the simplification of unnecessary paperwork and procedures.
* This article has been translated by AI.
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