Chairman Lee Eog-weon of the Financial Services Commission held a meeting with financial consumer groups, microfinance experts, and financial industry associations on October 15 to have discussions on facilitating a transition toward a more consumer-oriented financial industry. At the meeting, Chairman Lee outlined four major policy directions to make financial policy-making more consumer-oriented. First, a financial consumer policy review committee will be newly established with participation from consumers and private sector experts. Second, with regard to consumer damage and loss, there will be efforts to strengthen both preventive and remedial measures through improvements to financial companies' governance apparatus. Third, there will be an expansion in the availability of microfinance support intended for lower income households and vulnerable groups. Fourth, there will be efforts to actively counter and root out financial crimes and illicit activities targeted at vulnerable groups, such as illegal private lending and vishing scams. While speaking about the importance of having concerted efforts from all stakeholders, Chairman Lee urged all participants to maintain close communication and cooperation to enhance consumer protection and microfinance support.