Civil Penalties to be Introduced on Unfair Trading ActivitiesSeptember 18, 2020

The government seeks to introduce penalties on unfair trading activities of up to twice the amount of undue profits generated by engaging in unfair trading activities as a relevant revision bill to the Financial Investment Services and Capital Markets Act was proposed at the National Assembly.* Please refer to the attached PDF for details.

Insurance Companies to Begin Offering Policies for Autonomous Vehicles in SeptemberSeptember 17, 2020

The FSC announced on September 17 that twelve insurance companies will begin to offer policies specifically covering autonomous vehicles for commercial purposes from the end of September this year.* Please refer to the attached PDF for details.​

Financial Groups to Provide Integrated DisclosuresSeptember 16, 2020

The FSC announced the availability of integrated disclosures by financial groups on September 16.* Please refer to the attached PDF for details.

Government Announces Improvements to Emergency Loan Program for Small MerchantsSeptember 15, 2020

Vice Chairman Sohn Byungdoo presided over the 21st financial risk assessment meeting via teleconference on September 15, and discussed COVID-19 emergency support measures and follow-up plans for the Korean New Deal fund.* Please refer to the attached PDF for details.

FSC Holds 1st Consultative Body Meeting on Digital FinanceSeptember 10, 2020

The FSC launched a public-private joint consultative body on digital finance, composed of leaders and experts representing financial sectors, big techs, fintechs and major financial labor unions, and held a kick-off meeting on digital finance via teleconference on September 10. * Please refer to the attached PDF for details.

FSC Discusses Details of Consumer Credit BillSeptember 9, 2020

The FSC held the 9th task force meeting on improving the personal debt management system on September 9, and unveiled key details of the Consumer Credit Bill, which include (i) promoting private sector driven debt adjustment process, (ii) mitigating excessive debt collection burdens and (iii) strengthening debtor protection measures.* Please refer ...

Household Loans, August 2020September 9, 2020

The outstanding balance of household loans in all financial sectors rose KRW14.0 trillion from the previous month in August 2020 (up 6.2% year-on-year).* Please refer to the attached PDF for details.

Vice Chairman Discusses COVID-19 Prevention in Financial Sector and Investment in K-New DealSeptember 8, 2020

Vice Chairman Sohn Byungdoo presided over the 20th financial risk assessment meeting via teleconference on September 8, and discussed enhanced social distancing measures being implemented in the financial industry, the progress of the COVID-19 financial support and the newly introduced 'Korean New Deal fund.'* Please refer to the attached PDF for d...

Government Unveils Plans for Launching Korean New Deal FundSeptember 3, 2020

The government announced its plans to create a 'Korean New Deal fund' and promote private sector investment in the New Deal projects on September 3.* Please refer to the attached PDF for details.

78 Out of 237 P2P Lending Firms Found Eligible for Business RegistrationSeptember 2, 2020

The financial authorities announced on September 2 that 78 out of the current total of 237 P2P lending firms have filed proper audit reports on time to be eligible for business registration under the new P2P lending act, which came into effect on August 27.* Please refer to the attached PDF for details.