If the fund was held in the previous month, it must be canceled when lending.
“It’s for consumers, but I’m breathing from excessive regulation”
Photo = Yonhap News
If you receive a loan in the future, you will not be able to sign up for other financial products such as funds at the bank for a month after the war. In order to receive loans from the same bank while signing up for a fund sold by a bank within the previous month, the existing contract must be terminated. It is a measure to protect consumers under the newly implemented Financial Consumer Protection Act (the Money Soap Act), but it is pointed out that it is excessive regulation. Comes out.
According to the financial sector on the 28th, commercial banks delivered loan instructions containing such details to front-line counters on the occasion of the enforcement of the Gold Law on the 25th. The biggest difference is the criteria for checking the’constrained sales behavior’. The binding selling act means that a bank gives a loan to a consumer and sells investment products such as funds or guaranteed products such as bancassurance (insurance sold by banks).
With the gold law, the target of the inspection of binding sales of investment and guarantee products has been expanded to’all debtors’. In the past, it was different for each bank, but the industry explained that it was limited to low-credit people below the 7th grade. An official from a commercial bank explained, “Because it is difficult to obtain a bank loan if the credit rating is low, it is rare that the target of’inter-selling’ after the loan is applied.
In the future, all borrowers receiving loans will be subject to inspection. It means that after the loan, other financial products could not be subscribed for a month. To sign up for the fund at the front line of the bank, you must also submit a loan plan within the next month. If you have already subscribed to other products such as funds or bancassurance and want to receive a loan, you must terminate the existing contract. An office worker in his thirties said, “It is absurd to block subscriptions to financial products that I want to join.
Banks have also issued new instructions on’withdrawal of contracts’. This is because under the new law, financial consumers can withdraw their contracts with only a simple change of mind within 14 days after receiving a loan. Previously, each bank limited the targets and the number of products that could withdraw a loan contract within 14 days.
With the enforcement of the law, the limits on the amount and number of loans disappeared. An official from a commercial bank said, “There will be cases of abuse of the new system, such as canceling a contract and moving around to transfer to another bank product with low interest after a loan.” Is likely to continue for the time being.”
Reporter Jeong So-ram [email protected]
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