Lee Eog-weon: "Will Consider Designing No-Fault Voice Phishing Compensation System... New Leap Fund to Buy Sangnoksu Claims" [2026 Parliamentary Audit]

Bad Bank to Buy Delinquent Claims Dating Back More Than 20 Years to Credit Card Crisis

Financial Services Commission Chairman Lee Eog-weon said on Oct. 8 that he would consider how to design a no-fault compensation system requiring financial companies to compensate victims of voice phishing, regardless of whether the companies were at fault.

Financial Services Commission Chairman Lee Eog-weon answers lawmakers’ questions during a parliamentary audit of the Financial Services Commission and other agencies at the National Assembly on Oct. 8, 2026. Photo by Yoon Dongju

Asked by Assemblyman Son Myeong-su during the National Assembly Political Affairs Committee's parliamentary audit of the Financial Services Commission and other agencies that day about the need to introduce a no-fault compensation system for voice phishing, Lee said, "(Voice phishing) is one of the most basic crimes that harm people's livelihoods, so we need to work harder for the public," adding that he would consider how to design the system.

A no-fault compensation system for voice phishing would require financial companies to compensate victims for part or all of their losses, even if the companies were not at fault.

"Voice phishing cases have fallen by about 70% so far in 2026 compared with 2025, and the scams are shifting to new forms of phishing," Lee said. "We will respond with heightened vigilance and draw on advanced practices so that financial and telecommunications companies take stronger responsibility and act proactively."

At the hearing, Son cited examples from Singapore and the United Kingdom and called for the prompt introduction of a no-fault compensation system for voice phishing. "Financial institutions seem somewhat willing to adopt the system, but I understand that discussions with telecommunications companies are still incomplete," Son said, urging the financial authorities to engage in active consultations.

Regarding the Sangnoksu case, in which debt collection continued for more than 20 years after the credit card crisis, Lee said the government would purchase and resolve the claims through the New Leap Fund, the current administration's bad bank.

"With the launch of the New Leap Fund, we believe that claims against people who have been delinquent for at least seven years and are unable to repay their debts need to be resolved, and we are purchasing those claims," Lee said. He added, "Many were excluded from the National Happiness Fund because it required people to apply, but this time they will not be left out because the claims are being purchased in bulk. We recognized that some claims had been excluded on the grounds that securitization companies were not financial institutions. We persuaded them again, and the New Leap Fund has agreed to purchase and resolve those claims."

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