Financial Supervisory Service Signs Consumer Protection Agreement with Financial Groups and Korea Federation of Banks

Korea Institute of Finance Also Provides Training Support...
Training Specialists in Consumer Protection

Lee Chanjin, Governor of the Financial Supervisory Service: "Consumer Protection Must Be Built Up Steadily, Like Piling Up Small Amounts of Earth"

The Financial Supervisory Service and the Korea Institute of Finance announced on June 5, 2026, that they had signed a "Financial Consumer Protection Specialist Training and Capacity Building Agreement" at the Korea Institute of Finance in Jongno-gu, Seoul, together with the Korea Federation of Banks and the eight major financial holding companies.

Lee Chan-jin, Financial Supervisory Service Governor, attends the business agreement ceremony to eradicate transnational crime, criminal funds outflow, and money laundering at Seoul Main Customs Office in Gangnam-gu, Seoul on March 17, 2026, delivering a speech. Photo by Dongju Yoon

The signing ceremony was attended by Lee Chanjin, Governor of the Financial Supervisory Service; Cho Yongbyung, Chairman of the Korea Federation of Banks; Yang Jonghee, Chairman of KB Financial Group; Jin Okdong, Chairman of Shinhan Financial Group; Lim Jongryong, Chairman of Woori Financial Group; Ham Youngjoo, Chairman of Hana Financial Group; Lee Chanwoo, Chairman of NH Financial Group; Hwang Byungwoo, Chairman of iM Financial Group; Bin Daein, Chairman of BNK Financial Group; Kim Kihong, Chairman of JB Financial Group; and Lee Joonsu, President of the Korea Institute of Finance.

The purpose of the agreement is to establish a cooperative system aimed at strengthening consumer protection capabilities in the financial sector, thereby fostering consumer-centered business practices and enhancing consumer trust.

The Financial Supervisory Service will provide advice on the content of training, including regulations and supervisory directions, as well as lectures. The Korea Institute of Finance will be responsible for training professional personnel specializing in consumer protection.

The Korea Federation of Banks will support smooth communication and collaboration among the parties to the agreement, thereby facilitating broader participation in financial sector education. The financial holding companies will encourage their employees to participate in consumer protection training programs.

Governor Lee Chanjin emphasized that consumer protection can only be realized when institutional improvements are accompanied by changes in perceptions and practices at the field level.

He stated, "Consumer protection capabilities are not built overnight but must be steadily accumulated, much like the saying 'even a mountain is built up by gathering small amounts of earth.' I hope everyone will recognize that consumer protection is not a short-term cost but a long-term investment."

Chairman Cho Yongbyung mentioned that he would serve as a bridge to ensure that the policy direction of the supervisory authority and the educational needs of the financial sector are organically linked, enabling the operation of effective training programs.

President Lee Joonsu stressed that he would do his best to incorporate financial authorities’ consumer protection policies and the latest issues into the training programs to strengthen the capabilities of financial company employees.

The eight financial group chairmen stated that they would actively participate in the training programs prepared by the Korea Institute of Finance to strengthen the consumer protection capabilities of all their employees.

The group chairmen recognized that consumer protection is not an option but a fundamental value and principle that financial companies must uphold, and they pledged to foster a corporate culture in which all employees practice consumer protection.

A representative of the Financial Supervisory Service stated, "Each institution will continue to cooperate so that consumer protection training programs can be effectively established in the field. We will review training results and on-site feedback, and enhance the effectiveness of training by reflecting changes in the financial environment and key issues."

This content was produced with the assistance of AI translation services.