Shinhan Financial Group’s chief executive officer (CEO) of major affiliates, including Shinhan Financial Group Chairman Cho Yong-byeong (third from left, front row), Shinhan Bank President Jin Ok-dong (fourth), and Lim Young-jin, Shinhan Card President (second), attended at the headquarters of Sejong-daero, Seoul on the 17th In the middle, the’Consumer Protection Reinforcement and Customer-Centered Management Declaration Ceremony’ was held. Provided by Shinhan Finance
Shinhan Financial Group Chairman Cho Yong-byeong said on the 17th, “We will re-define all businesses centered on customers by establishing solid principles for financial consumer protection and customer-oriented management.”
Chairman Cho announced this plan, saying, “We will internalize a customer-centered culture in the field” at the’Reinforcement of Consumer Protection and Declaration of Customer-Centered Management’ held at the headquarters of Shinhan Financial Group. The event was attended by Chairman Cho and the CEO of major affiliates of Shinhan Financial Group. On the 25th, prior to the enforcement of the Financial Consumer Protection Act, which aims to strengthen seller responsibilities in financial transactions, a financial holding company decided to strengthen consumer protection.
First of all, Shinhan Financial Group organized a separate’foresight’ session at the group management meeting each month attended by the CEOs of all group companies. This session mainly discusses financial consumer protection and internal control policies. The plan is to promote preemptive consumer protection by reinforcing the capacity of preventive audits at the landlord level.
It also decided to strengthen consumer protection activities by affiliates. Shinhan Bank established a consumer protection group at the beginning of last year and appointed Chief Consumer Responsibility (CCO). Through the mystery shopping (amhaeng supervision system) conducted by the bank itself, measures are being taken to limit the sale of investment products at branches that lack explanations of financial products.
Shinhan Financial Group and its affiliates are striving to strengthen their consumer protection capabilities and internal controls to prevent recurrence of incomplete sales accidents such as the’lime fund’ crisis. A Shinhan Financial official said, “We will further enhance consumer rights and interests through efforts such as making important decisions related to consumer protection at the holding company level and sharing and spreading various consumer protection measures undertaken by each affiliate.”
Reporter Daehoon Kim [email protected]
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