Meeting with Financial Holding Companies #2

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Hi all. Since I told you yesterday, I am back with the 2nd post about ‘Meeting with Financial Holding Companies’ Yesterday I introduced you three key points made by Mr.Kim Seok Dong. Do you remember those? If you don’t, or didn’t have a chance to read yesterday’s post, please follow this link! https://financialservicescommission.wordpress.com/2012/08/23/meeting-with-financial-holding-companies-1/

So, what are the other three points discussed?

The Household Debt issue has been dealt with over and over again, making endeavors to help out low-income households as well as SMEs’ entrepreneurs. As planned, the microcredit will be continuously supported and expanded to allow a greater extent of financial liquidities. Each financial company is to support this by considering individuals’ circumstances and implementing various measures such as debt-rescheduling.

There is a new financial paradigm seeking to enhance protections for consumers and investors, with increasing complaints against the financial companies’ practices which do not provide adequate protection measures for consumers and investors. To address this issue, Mr.Kim asked the financial companies to appoint the Chief Officer for protecting consumers’ rights. This is a step towards establishing an organizational ground for consumer protection.

Lastly, Mr.Kim said “Don’t take an umbrella away on a rainy day”. What does this mean? Financial Holding companies should not avoid their responsibilities during economic recessions and financially challenging periods. Otherwise, there will be a deep mistrust of financial industries. This is particularly important thing to remember, since the fundamental value for financial industries is ‘trust’. After this meeting, we all hope that financial companies in cooperation with FSC will be our strong umbrellas in the middle of heavy rains and storms!

Cheers,
Frank

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