FSC Launches Sixth-Term Ombudsman Committee... Moon Miran Named Chair
Includes two representatives of consumer organizations
The Financial Services Commission (FSC) announced on October 20 that it had appointed five members to its sixth-term Ombudsman Committee to protect financial consumers and improve unreasonable financial regulations.
Moon Miran, chair of the Korea National Council of Consumer Organizations, was appointed committee chair. The committee members are Kim Hyunsu, dean of the School of Law at Pusan National University; Seo Junsik, professor in the Department of Economics at Soongsil University; Jeong Jiyeon, secretary general of the Korea Consumer Union; and Ju Sohyun, professor in the Department of Consumer Studies at Ewha Womans University.
The FSC Ombudsman system was introduced in February 2016. Its role is to identify unreasonable regulations and practices in the financial sector and propose ways to improve the system. The committee consists of a chair and members representing each sector (banking, financial investment, insurance, and consumers and small and medium-sized businesses), with appointments made in consideration of their expertise in finance and independence from financial authorities and the financial industry. Members serve two-year terms.
A notable feature of the sixth-term Ombudsman Committee is that two representatives of consumer organizations have been appointed, one as chair and the other as a committee member. The FSC expects this to ensure that financial consumers' perspectives and voices from the field are more fully reflected in the committee's discussions.
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Financial Services Commission Chairman Lee Eogwon said, "As the financial environment changes rapidly with the spread of artificial intelligence (AI) and digital finance, the possibility of new inconveniences for financial consumers and institutional blind spots is also growing. I ask the Ombudsman to listen closely to voices from the financial sector and actively propose ways to improve unreasonable regulations and practices."
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