FSS, ELS penalty 1.4trillion →6,000hundred million won reduction and distribution of a fraud-prevention audiobook
The Financial Supervisory Service reduced the penalty related to Hong Kong ELS from 1.4trillion won to 6,000hundred million won. During the same period, it distributed an audiobook and e-book in the form of a fraud-prevention encyclopedia free of charge and signed an agreement with 8major financial holding companies and the Korea Banking Institute to train consumer-protection experts.
The Financial Supervisory Service 6 month 7 day published the Fraud-Prevention Encyclopedia, which summarizes financial fraud cases and response guidelines, in audiobook and e-book formats. The materials will be distributed free of charge. The publication included cooperation from the banking sector.
The Financial Supervisory Service said the related materials provide financial consumers with guidance on how to identify and respond to fraud. The publicly available guidance includes specific cases and response procedures. The distribution method uses audiobooks and e-books.
The Financial Supervisory Service 6 month 5 day signed an agreement with 8 major financial holding companies and the Korea Banking Institute to train financial consumer-protection experts. The participating institutions agreed to develop training programs and nurture personnel. The agreement includes plans to operate practical training programs.
The Financial Supervisory Service reduced the surcharge related to Hong Kong ELS from 1.4trillion won to 6,000hundred million won. The measure was announced as the result of adjustments concerning the ELS matter. The FSS explained that it had adjusted the relevant facts and the level of sanctions.
The Financial Supervisory Service conducted on-site inspections of moneylenders and online moneylending brokerage sites to eradicate predatory financial practices targeting low-income and vulnerable groups. The inspections focused on whether illegal activities had occurred and whether terms and conditions, including high interest rates, were being observed. The FSS announced that it would take action if violations were uncovered.
The Financial Supervisory Service is continuing its financial consumer protection activities by simultaneously releasing fraud-prevention materials, training consumer protection personnel, adjusting sanctions, and conducting on-site inspections. The institution plans to disclose the implementation and results of each measure. It advised related companies and financial users to check notices and disclosures.