Youth Transportation Card Limit to Be Raised from 50,000 to 100,000 Won in the First Quarter

Financial Services Commission Ombudsman Reports Achievements
22 Cases Reviewed Last Year... 7 Improvements Proposed

The monthly limit for youth postpaid transportation cards will be raised from 50,000 won to 100,000 won during the first quarter of this year.

On January 28, the Financial Services Commission announced that the Ombudsman had reported these achievements for the previous year. The Ombudsman reviewed a total of 22 issues last year and proposed improvement measures for seven of them.

First, the monthly limit for youth postpaid transportation cards, which had been set at 50,000 won since 2020, will be increased to 100,000 won in the first quarter of this year. This measure takes into account increases in public transportation fares.

For the special clause on converting to insurance for persons with disabilities, it had previously been difficult to process work through subsidiaries (such as call centers). However, as of July last year, improvements were made to allow the delegation of work to subsidiaries (including call centers).

The process of explaining insurance products via telemarketing channels will also be simplified. For standard product explanation scripts, key points will be explained in detail, while information that is easier to understand will be simplified (such as via text messages) with the consumer's consent. This measure will be implemented in the first half of this year.

The wording of the model rules for door-to-door sales by the Korea Financial Investment Association will also be revised. Pre-training will be made a mandatory requirement before obtaining qualifications for door-to-door sales personnel, and an additional requirement for at least one annual job training session for qualification maintenance (or capacity building) will be established in the wording.

After the Financial Services Commission announces the enforcement decree, the process of legislation and revision will be made easier to track. The commission has completed linking the Legislative Information Board on its website to the National Participation Legislation Center operated by the Ministry of Government Legislation.

The Financial Consumer Protection Act will also be amended to establish a legal basis for the work, appointment requirements, and term of office for the Chief Consumer Officer (CCO), who is responsible for overseeing consumer protection work.

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