Press Releases - Financial Services Commission

Press Releases

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Apr 27, 2021

Change in Reverse Mortgage Rules to Strengthen Entitlement and Expand Property Eligibility

The government approved the amendments to the Enforcement Decree of the Korea Housing Finance Corporation Act during a cabinet meeting held on April 27. The revisions will go into effect from June 9, 2021. Since its introduction in 2007, the reverse mortgage scheme has played a significant role in providing housing and income stability for the elderly,as ten thousand or more households subscribe to the program each year. In December 2020, the law was amended to expand the property eligibility and introduce a trust-type reverse mortgage and seizure-protected account. The revised Enforcement Decree approved by the government today contains the following provisions. (Automatic transfer of pension entitlement) Upon the passing of the homeowner, the monthly pension entitlement can be automatically transferred to the spouse of the homeowner without having to obtain consent from all of their children, through a trust-type reverse mortgage program. (Expanded eligibility for detached home properties) Owners of detached housing properties who rent out part of their houses can sign up for a trust-type reverse mortgage program, which allows homeowners to receive monthly rentsas well as monthly pension payments. (Seizure-protected account) Up to KRW1.85 million per monthfrom monthly pension payments can be deposited in an account that is protected from seizure to guarantee a steady source of income for the elderly and protect their entitlement. * Please refer to the attached PDF for details.
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Apr 26, 2021

Financial Authorities and Industry Groups Work in Tandem on New Consumer Safeguard Measures

With the new Financial Consumer Protection Act going into effect about a month ago, the authorities held frequent on-site visits and began to operate a quick complaint processing and resolution system to ensure smooth implementation and help ease burdens on financial institutions. With the new regulations in place, there have been confusions resulting from delays in the sales process, restrictions in the sales of inappropriate financial products, etc. In order to help resolve these issues and make support available, the authorities held on-site visits and meetings in eleven different occasions between March 23 and April 9 and concluded that the confusions are largely a byproduct of customary practices prioritizing transaction convenience. In this regard, the authorities and financial industry groups agreed to formulate a new guideline that can help achieve an appropriate balance between consumer protection and transaction convenience. From March 31, the financial authorities and industry groups began to operate a quick complaint processing and resolution system to provide support. As of April 22, a total of 113 inquiries have been filed and the authorities have already responded to fifty-eight (51.8%) cases. Most inquiries had to do with administrative issues and practical handling of some of the newly introduced measures. Financial institutions have also strengthened efforts to enhance compliance with the new regulations. Financial industry groups are in the process of developing a standardized form of internal control measures within each sector in preparation for the internal control rule that will come into force beginning on September 25 this year. The standardized internal control measures are aimed at changing the culture of excessive competition over performance toward a more consumer-friendly management. The financial authorities will continue to closely monitor the implementation of the Financial Consumer Protection Act and provide necessary support. * Ple
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Apr 26, 2021

FSC to Work on Increasing the Supply of Mid-Range Interest Rate Loans for Mid-to-low Credit Holders

The FSC announced its plan to increase the availability of mid-range interest rate loans and seek further reduction in lending rates on April 23 as a follow-up measure of the lowering of the maximum legal lending rate. The measures focus on (a) improving rules to channel a vast supply of mid-range interest rate loans to borrowers with mid-to-low credit backgrounds, (b) lowering lending rates by requiring internet-only banks to expand their supply of mid-range interest rate loans, making improvements to the savings banks credit evaluation model and making it easier for borrowers to switch loans, and (c) encouraging nonbanks to provide more mid-range interest rate loans. It is expected that the measures will make available mid-range interest rate loans in the amount of approximately KRW32 trillion to two million individuals and KRW35 trillion to 2.2 million borrowers in this year and the next, respectively. Key Measures I. Improving Rules to Expand the Availability of Mid-range Interest Rate Loans (Credit score requirement for government-initiated guaranteed loan) The government-initiated guaranteed loan thus far had no credit score requirement for borrowers. As a result, about fifty-five percent of borrowers were those with high credit standings in 2020. Therefore, a new credit score requirement will be introduced to channel more than seventy percent of government-initiated guaranteed loans to the borrowers in the lower thirty percentile of credit standing. (Improvement for private sector lending) Until now, only the previously announced mid-range interest rate loans were counted toward the performance of private sector lenders and this resulted in arbitrary counting. Therefore, the authorities will change the scope of mid-range interest rate loans that are recognized by the authorities to be all non-backed credit loans offered at below the maximum interest rate allowed within each sector that are provided to borrowers in the lower fifty percentile of credit standing
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Apr 22, 2021

Financial Support through Key Industry Stabilization Fund Extended until the End of 2021

The FSC announced that the authorities decided to extend the period of financial support made available through the key industry stabilization fundfor eight months until December 31, 2021 from the initial expiration date of April 30. The authorities also decided to make changes to the following requirements for business entities receiving support through the key industry stabilization fund. First, the base year of the salary freeze for highly paid positions (KRW200 million or more a year) will be changed from 2019 to 2020. Second, as these businesses are required to retain at least ninety percent of jobs to qualify for financial support, the reference date for counting the number of jobs will be changed from May 1, 2020 to May 1, 2021. * Please refer to the attached PDF for details.
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Apr 20, 2021

Financial Authorities to Hold Online Information Sessions for 'Innovative Financial Service' Providers

The FSC announced that the financial authorities will hold online information sessions on the regulatory sandbox programbetween April and June for forty-two innovative financial service providers that showed interest in attending. The online information session (online.fintech.or.kr) will be held on every Tuesday, Wednesday and Thursday from April 21 until June 2 in order to more actively communicate with businesses and seek solutions to their needs. Officials from the FSC, FSS and Korea Fintech Center will answer questions and provide explanations on the additional benefits granted by the revised Special Act on Support for Financial Innovation which is scheduled to go into effect from July 21. The innovative financial service providers that are not able to join in the April-May sessions and wish to participate in online information sessions scheduled for June-July should apply at online.fintech.or.kr by Thursday, May 20, 2021. In the second half of this year, the authorities plan to hold information sessions for fintech labs operated by financial institutions. * Please refer to the attached PDF for details.
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Apr 19, 2021

Improved Securities Lending System for Retail Investors to Come into Place from May 3

The FSC announced that the improvements made to the securities lending system for retail investors will come into place from May 3, 2021. From May 3, seventeen securities firms will begin to provide stock lending services in the amount of about KRW2 trillion to KRW3 trillion. Retail investors wishing to participate in stock short selling are required to complete pre-learning and mock trading programs which will be available from April 20. Based on the level of experience of individual investors, the maximum investment amount allowed for short selling will be differentially applied. Key Details Retail investors access to stock short selling has been limited as a shortage in securities lending led to the decline in the demand for stock borrowing and number of securities firms offering such service. As of the end of February 2020, securities lending services were available from only six securities firmsin the amount of about KRW20.5 billion. In order to improve retail investors access to stock short selling, the FSC and financial investment businesses will begin to offer more opportunities for stock borrowing. A total of twenty-eight securities companies will provide securities lending services. However, as these companies have different schedules for completing the development of their IT system, from May 3, stock lending service will be available from seventeen securities firms first with the rest expected to join within this year. As such, it is expected that a total of KRW2.4 trillion in stock lending will become available for KOSPI 200 and KOSDAQ 150 stocks on May 3.For retail investors, a maximum of sixty days of stock borrowing period is guaranteed unlike institutional or foreign investors. Safeguards and Regulations for Retail Investors The following safeguards have been put in place to bolster investor protection against excessive loss. First, investors should have securities lending agreements with their trading firms and those without an existing account nee
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Apr 19, 2021

Debtor Assistance with Legal Representation to Bolster Inclusive Finance

The FSC announced that the authorities will work to improve the debtor assistance program with legal representation through increased support, better accessibility and stronger coordination with investigative authorities in order to meet the rising demand for assistance and bolster financial inclusion. From January 28, 2020, the debtor assistance program that makes available legal representation service at free of charge began to provide support to the victims of illegal and excessive debt collection practices and the borrowers who took out loans with interest rates exceeding the maximum legal lending rate. In 2020, 632 individuals applied for assistance in 1,429 cases and free legal representation was provided in a total of 915 cases through the Korea Legal Aid Corporation (KLAC). In 893 cases, the KLAC-registered lawyers provided legal representation to stand in place of the debtor in respond to excessive debt collection methods, whereas in 22 other cases, legal representation was provided for filing lawsuits on behalf of debtors for excessive interest rate charge. In 2021, demand for support has increased as legal assistance has already been provided to 881 cases as of the end of March. In addition, a four-percentage-point reduction in the maximum legal lending rate is scheduled to take effect in July 2021. As such, the authorities plan to increase support, improve accessibility for both mobile and on-site applicants and strengthen coordination with the KLAC and investigative authorities to help strengthen financial inclusion. * Please refer to the attached PDF for details.
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Apr 16, 2021

Authorities to Work for Minimizing Drawbacks from Citigroup's Consumer Banking Exit Plan

According to Citigroups first quarter earnings report announced on April 15, Citigroup plans to pursue exits from its consumer franchises in thirteen markets including Koreaand to shift its strategy toward wealth management and institutional businesses in Asia. Until its business reshuffling plan becomes finalized, Citibank Korea is expected to provide the same level of services to its customers. With regard to Citigroups announcement, the FSC and the FSS will closely monitor developments while seeking necessary measures to minimize possible drawbacks that may be inflicted upon consumers, maintain stability with regard to the job situation and ensure protection of consumer data. * Please refer to the attached PDF for details.
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Apr 15, 2021

FSC Chairman Holds Talks with Relevant Officials Ahead of Partial Resumption of Stock Short-selling

FSC Chairman Eun Sung-soo met with officials from relevant institutions and heads of securities companies on April 15 and held talks on the preparatory measures for partial resumption of stock short-selling on May 3,recent stock market trends and virus prevention measures taken by the financial investment industry. The following is a summary of Chairman Euns remarks. (KOSDAQ Surpassing 1,000 pts) KOSDAQ recently surpassed 1,000 points for the first time since September 2000. Throughout the years, the authorities have worked to improve the KOSDAQ market for venture capitals and startups by allowing lossmaking companies to be listed and introducing technology-based preferential listing system. As a result, KOSDAQ emerged as a distinct market for investors with many businesses with significant future growth potential being listed. The Korea Exchange, relevant institutions and the financial investment industry have put efforts to improve the investment infrastructure and seek out promising businesses. Through the Korean New Deal initiative and the government-wide effort to cultivate more innovative businesses, the government will work to support venture startups and innovative firms in KOSDAQ market to further strengthen our economy. (Ensuring Investor Trust in the Market) It is important to ensure that investors have confidence and trust about the fairness in the market. In order to root out illegal and unfair marketing or advising practices in stock markets, the government has been operating a response team since October 2020. The response team will continue to work to prevent inappropriate activities and improve regulations. Prior to the partial resumption of short-selling on May 3, the authorities will continue to work to resolve various concerns of investors. Out of the four regulatory improvement measures announced earlier, stronger penalties on illegal short-selling activities and improved rules for market makers have already become effective. The two remaining m
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Apr 14, 2021

Three More 'Innovative Financial Services' Added to Financial Regulatory Sandbox

The FSC designated three additional financial solutions as innovative financial services on April 14, bringing the total number of designated services to 142 since the regulatory sandbox was first launched on April 1, 2019. The FSC also made changes to the supplemental requirements of four previously selected businesses and extended the regulatory exemption period on eleven other services. Overview of Newly Added Innovative Financial Services 1.A blockchain-based digital real estate securities platform which is expected to expand retail investors investment opportunities in small- and medium-sized commercial properties (Lucentblock 6 trust companies, expected in H2 2021) 2.A digital real-name verification service for bank branch visitors which does not require customers to present their physical ID verification cards (Busan Bank, expected in Jun. 2021) 3. A mobile-based contactless bank account opening service using facial recognition technologies that is expected to boost consumer convenience for those who are unfamiliar with using video calls for identity verification purposes (KEB Hana Bank, expected in Sep. 2021) * Please refer to the attached PDF for details.
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Apr 14, 2021

Authorities Hold Meeting on Improving Rules on the Suspension of Licensing Review Process

The FSC announced that the financial development review committee held a second subcommittee meeting on policy and global finance issues on April 13. Main issues discussed by the subcommittee meeting include the measures to improve rules on the suspension of licensing review process and current conditions on household debt. The rules on the suspension of licensing review process applied to all financial sectors are aimed at preventing the issuance of license to legally disqualified entities that may be undergoing an investigation or lawsuit at the time of their licensing review process. However, as the financial authorities are unable to predict the outcome of their investigation or lawsuit, there has been a problem of delays in the licensing review process for indefinite periods of time. In this regard, the FSC put forward the following measures to improve the rules(a) improving the consistency and predictability of suspension by introducing more specific criteria for suspending the review process, (b) preventing indefinite delays in the suspension period by requiring the authorities to regularly check the appropriateness of resuming the licensing review process and (c) continuing with the licensing review process after a certain period based on the facts available up to that point. With regard to the current household debt situation, the subcommittee members emphasized the importance of managing gross debt level as household debt has increased amid the COVID-19 pandemic. At the same time, the subcommittee members also talked about the importance of continuing to provide financial support for non-homeowners to strengthen the housing ladder especially for the working class and young adults. * Please refer to the attached PDF for details.
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Apr 14, 2021

Household Loans, March 2021

The outstanding balance of household loansin all financial sectors rose KRW9.1 trillion from the previous month at the end of March 2021 (up 8.4% year-on-year). The household loan balance increased KRW6.5 trillion in the banking sector and KRW2.6 trillion in the non-banking sector. All financial sectors (y-o-y): +8.5% (Jan 2021) +8.5% (Feb 2021) +8.4% (Mar 2021) By type, mortgage loans increased KRW6.5 trillion in March, growing at a slower rate compared with the previous month (up KRW7.8 trillion y-o-y). Mortgage lending and jeonseloans declined due to a slowdown in housing market transactions. Other types of loans grew KRW2.6 trillion, declining from KRW3.9 trillion a year ago. Credit-based lending fell significantly compared to the end of previous year as lenders tightened control over credit risks and the demand for stock investment subsided. The government will closely monitor trends in household loans and work on policies to induce a soft-landing of the household debt-related risks. * Please refer to the attached PDF for details.
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Apr 13, 2021

7th Digital Finance Meeting Discusses Guidelines on the Use of AI Technologies in Financial Services

Vice Chairman Doh Kyu-sang held the 7th consultative body meeting on digital finance via teleconference on April 13 and discussed potential risks of digital transformation in financial sectors, establishing guidelines on the use of AI technologies in financial services and plan for the operation of the consultative body subcommittees. At the meeting, Vice Chairman Doh spoke about the progress made by the consultative body meetings as they helped to resolve differences of interests between big techs, fintechs and financial companies. Amid a deepening digital convergence taking place throughout the economy, Vice Chairman Doh stressed the importance of continuing with efforts to seek innovative solutions in financial sectors. The following is a summary of Vice Chairman Dohs remarks. (Digital Transformation and Potential Risks in Financial Sectors) Digital transformation is an inevitable change throughout the world. Although there are positive effects, such as expanded consumer choice and increased efficiency, there also needs to be policy efforts to prepare for potential risks. As such, the FSC will first strengthen risk management on the impact of a growing number of new players entering the financial markets. As competition between big techs and financial institutions deepens, the authorities will keep a close eye on for any changes in their sales behavior, potential damages to consumers and the possibility of debilitating soundness of financial companies. Second, the FSC will lay the groundwork upon which new technologies can be used safely. The authorities will work to ensure transparency and fairness in the process of using AI and other innovative technologies in financial services, while closely inspecting for the possibility of skewness which may result from financial companies using similar algorithms. Third, the authorities will closely monitor financial sector risks, such as the possibility of risk transfer in the process of non-financial firms engaging in fi
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Apr 13, 2021

Government Approves Revised Law to Support Innovative Financial Services

The government approved the revision to the Special Act on Support for Financial Innovation during a cabinet meeting held on April 13 to make improvements to the financial regulatory sandbox program and support innovative financial service providers. The revised Act allows innovative financial service providers to file requests for regulatory improvements while extending the period of regulatory exemption for an additional year and six months if the authorities decide to accept the request and make relevant changes to the regulation. Key Revisions (Filing Request for Regulatory Improvement) The innovative financial service providers may file a request for regulatory improvement to the FSC and other relevant authorities three months prior to the expiration of their designation status. (Establishing Specific Procedures for Review Process) Upon receiving a request for a regulatory improvement, the FSC or other relevant authority will introduce the matter to the relevant committee to decide the necessity of regulatory reform and make relevant changes to the regulation. (Extension of Regulatory Exemption Period) Upon the authoritys decision to make relevant changes to the regulation, the regulatory exemption period applied to the innovative financial service will be extended for up to an additional year and six monthsfrom the time of the expiration of their designation status. Schedule The revised Act will take effect from July 21, 2021 after the promulgation on April 20. The FSC will work to ensure a smooth implementation of the revised law. At the same time, the authorities will help to better inform innovative financial service providers about the changed rules taking place. * Please refer to the attached PDF for details.
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Apr 08, 2021

Meaningful Improvements in Financial Services Made Possible by Financial Regulatory Sandbox

The FSC announced key achievements and progress in the operation of the financial regulatory sandbox program on April 8. Background The financial regulatory sandbox program was launched on April 1, 2019 to promote competition and innovation in the financial industry while improving convenience for consumers. The sandbox program allows businesses designated as innovative financial service providers to enjoy regulatory exemptions for up to four years, so that they can test their innovative business ideas and technologies. In addition, the revised Special Act on Support for Financial Innovation allows designated firms to request regulatory improvements and the government may decide to grant an additional regulatory exemption period of one year and six months. Since April 1, 2019, the FSC has designated 139 innovative financial services in total with 78 such services currently being tested in the market and a total of 108 innovative financial services expected to be in service within the first half of 2021.For innovative services that have been tested to bring about significant consumer convenience and guaranteed security, the government has worked to improve regulations in a prompt manner. Out of 68 such regulations, improvements have been made to 14 of them with plans to revamp 22 regulatory items currently being prepared. For innovative businesses, comprehensive support and consulting is being provided through the Fintech Center Korea, from the stage of sandbox program application to testing to service launch. Chairmans Remarks (Progress in Financial Regulatory Sandbox) The financial regulatory sandbox program has become an essential policy to promote innovation in the financial industry and help foster fintechs. Bold attempts at innovation through the sandbox program have led to meaningful changes in our daily lives. First, the public is experiencing significant financial innovation in their daily economic activities. The number of users of innovative financial serv
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Apr 08, 2021

Government to Set up Diagnosis-Response Framework for COVID-19 Financial Measures

Vice Chairman Doh Kyu-sang held the 38th financial risk assessment meeting via teleconference on April 8 to review risk factors in the economy and financial markets and discuss the establishment of a diagnosis-response framework for COVID-19 financial support measures. The following is a summary of Vice Chairman Dohs remarks. (Current Economic and Market Situation) There are signs of an economic recovery this year with strong exports and improvements in industrial output. The expectation for recovery is also growing as international organizations have revised up their growth forecasts for 2021. However, as the number of new infection cases has been on the rise recently, many small-sized businesses and self-employed are still experiencing difficulties. At the same time, there are rising concerns about uncertainties in financial markets as liquidities around the world have grown to unprecedented levels. In this regard, the IMF and the FSB suggested the importance of risk management in financial sectors while also stressing the need to maintain adequate provision of financial support. Major economies are gradually adjusting their policies. The Chinese government is seeking to control liquidities and property market overheating. The US and Japan have rolled back some of the financial support measures while continuing with policies for recovery. Against this backdrop, the Korean government has also sought multidimensional ways to improve the COVID-19 financial response measures with a mid- to long-term perspective. As such, todays meeting will discuss ways to improve our COVID-19 financial response framework. (Diagnosis-Response Framework on COVID-19 Financial Measures) The government will set up a diagnosis-response framework on COVID-19 financial measures. First, a working group will be established to systematically and regularly monitor various indicators on virus prevention and quarantine, the real economy and financial sectors. Based on the working groups diagnosis
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Apr 01, 2021

Insurance Costs to be Lowered and Choices Expanded for Designated Drivers

As a part of the governments efforts to improve the rights of essential workers, the FSC announced that the insurance cost burdens of designated drivers will be lowered with more choices offered for personal insurance subscription online. Beginning in April, the number of designated driver matching agencies joining the designated drivers personal insurance checking system will be expanded to cover nearly eighty to ninety percent of the market. This will help resolve the problem of designated drivers who already carry personal insurance having to subscribe for another group insurance coverage through a driver matching agency. Previously, the agencies had no mechanism of checking whether the listed drivers were carrying their own personal insurance coverage, so that they required drivers to subscribe to group insurance coverage offered through their agency. On the part of designated drivers with personal coverage, this resulted in heavy cost burdens as well as duplication in insurance coverage. As more agencies are joining the system, the cost burdens of designated drivers who are listed through multiple agencies will be lowered by about KRW1 million per year. In addition, there will be expanded choices and increased convenience for designated drivers as insurers will begin to offer online subscription services with lower premiums beginning on April 6. * Please refer to the attached PDF for details.
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Apr 01, 2021

FSC Chairman Meets with Bank Chiefs and Urges Cooperation on Consumer Safeguard Measures

FSC Chairman Eun Sung-soo held a meeting with heads of major banks on April 1 to discuss various issues and seek cooperation on the implementation of new consumer safeguard measures. At the meeting, Chairman Eun talked about the heightened responsibilities of banks as well as the more deliberate sales process that is required by the new consumer safeguard measures which can be cumbersome to both consumers and bank employees. To help resolve this problem, Chairman Eun suggested that financial institutions can inform their customers about the changes taking place in a more proactive manner to mitigate confusions and quickly become accustomed to the new practices. In this regard, Chairman Eun said that the authorities will provide active support through close communication with the industry. Chairman Eun also spoke about other issues with bank chiefs, such as the extension of maturity extension and payment deferral for small merchants and SMEs, taking into account businesses potential for recovery when evaluating their credit ratings, the household debt management plan, expanding the contribution base for microfinance services, strengthening efforts for vishing prevention and working to stamp out speculation in the real estate market. * Please refer to the attached PDF for details.
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Mar 31, 2021

Legal Framework on the Supervision of Non-holding Groups to Allow Preemptive Risk Management

The FSC introduced the supervisory regulation on non-holding financial groups on March 31 as a final step in setting up the legal framework on the supervision of financial conglomerates. The FSC first introduced the best practice guidelines on the supervision of financial conglomerates in July 2018 and has carried out oversight on the financial soundness of non-holding financial groups through administrative guidance. The enactment of the new legislation (the Act hereinafter) in December 2020 paved the way for establishing legal foundations for the supervision of non-holding financial groups.As the Act is scheduled to go into effect on June 30, 2021, the authorities will put up the supervisory regulation for advance notice from April 1 to April 21, scheduled to go into effect on the same day as the Act after an approval from the FSC. The supervisory regulation contains specific details about the designation of non-holding groups, internal control and risk management requirements, capital adequacy standards, rules and procedures for reporting and disclosure and assessment criteria for risk management. The new legal framework on the supervision of financial conglomerates takes into account international standards as well as the regulatory experiences gained from the past two years. The authorities expect that the new Act will help enhance the management of group-wide risks in a more systematic and effective way, thereby allowing a more preemptive management of systemic risks in the financial markets. * Please refer to the attached PDF for details.
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Mar 31, 2021

Improving Rules on Credit Business to Expand Financing Opportunities for Lower Income Groups

The FSC announced its plans to improve rules on credit business to make sure that financing opportunities are sufficiently provided to lower income groups even after the four percentage point reduction in maximum legal lending rate takes effect in July. Along the same line, the authorities will continue to work on the measures to stamp out illegal predatory lending as planned. Key Measures I. Lowering fees to help reduce lending costs The maximum brokerage fees will be lowered by one percentage point. For loans of up to KRW5 million, the fee will be reduced from four percent to three percent. For loans in excess of KRW5 million, the current fee of KRW200,000 plus three percent of the amount in excess of KRW5 million will be reduced to KRW150,000 plus two percent of the amount in excess of KRW5 million. II. Easing Regulations on Selective Credit Businesses Among the registered entities, the authorities will select credit businesses that have no records of violating regulations and are focused on lending to lower income groups to offer them an array of regulatory incentives with the aim of ultimately making more credit lending opportunities available to lower income groups. The incentives will include fundraising opportunities through banks, allowing their loan services to be put up on online loan brokerage platforms along with the mainstream loans and increasing the total asset threshold from the current tenfold of equity capital. III. Improving Efficiency in Consumer Protection through Tightened Supervision Regulatory supervision will be strengthened to close loopholes in consumer protection. For the registered entities, the authorities will seek to introduce new monetary sanctions in place of the current three-month suspension of business operation, prevent unfair lending contracts by strengthening supervision on loan agreements and newly create a registration qualification that requires credit businesses to maintain a minimum number of regular employees. Other mea
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