Deleted the rule of’reduction only by half the amount Enactment of the Enforcement Decree of the Financial Consumer Act
(Seoul = Yonhap News) Reporter Nam Kwon Kim = The Financial Services Commission announced on the 17th that it will remove the limit on punitive penalties and fines imposed on financial companies that violate the Financial Consumer Law.
The Financial Services Commission decided on the enactment of the Enforcement Decree of the Financial Consumer Protection Act containing these details at a regular meeting on the 13th.
[촬영 안철수]
The resolved legislation reflected the review of opinions received during the legislative notice period and the results of the regulatory reform committee’s deliberation.
First of all, the Financial Services Commission saw that it is difficult to lower the upper limit for some opinions that the upper limit of punitive penalties and fines is too high.
Under the Financial Law, a punitive penalty is imposed within 50/100 of the income earned by financial companies in violation of the law. The fine is up to 100 million won depending on the item.
Instead, the Financial Services Commission removed the mitigation limit rule, which allowed only one-half of the original fines and fines to be reduced, making it possible to reduce more than 50%.
The Financial Services Commission also decided not to apply the regulation on the exclusive obligation of one company for loan brokers and recruiters for leasing and installment financing (recruiters must only work in one financial company).
This is the result of accepting the opinion that it is necessary to admit exceptions because the market confusion is expected if the regulation is applied to those who have not been obligated to exclusively for one company.
For the contents of’requiring a person who intends to register as a loan recruiter with the Financial Services Commission (including experienced persons registered with the Financial Sector Association) to pass the training/evaluation’,’Loan recruiters who registered with the association before January 13 of this year can be registered as long as they receive education.’ It was modified so that.
The Financial Services Commission also accepted the opinion that in the case of credit cards, debt information should be excluded from consumer information to be grasped when applying the conformity principle.
It is considered that it is difficult for credit card recruiters to request debt information from consumers, and that it is possible to partially understand the repayment ability through the credit score provided by the consumer.
On the other hand, the opinion that public offering funds should be added to the exception of the right to withdraw from subscription was not accepted.
The Financial Services Commission explained that it is difficult for some ordinary investors to exercise their right to withdraw from the public offering fund, so it is difficult to significantly affect the fund formation or return.
The opinion that the requirements for equity capital that must be met by deposit- and loan-type product advisors were also not accepted.
The enactment of the Enforcement Decree of the Financial Consumer Act is scheduled to be promulgated after a review of the Ministry of Legislation and a State Council meeting, and it will take effect on March 25.
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2021/01/17 12:00 sent