FSC Empowers Consumers by Conducting Annual Survey

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The Financial Services Commission will conduct annual survey on public awareness of financial policy at national level. Listening closely to the public opinion will not only empower consumers to be more engaged, but also be a cornerstone to establish financial inclusion.

The FSC introduced its plan to hold national survey on financial policies starting from this year on February 20th. This survey will reflect overall satisfaction, complaints, and further claims for improvements of financial policies from the demand side, especially those who are involved with finances such as general financial consumers, financial businesses, and experts. The responses from such various stakeholders will be taken into consideration when establishing new policies or improving the existing regulations.

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This survey took example from “Consumer Awareness Survey” by the Financial Services Authority of UK. The FSA conducts this survey in order to find out the extent of consumers’ knowledge of regulations and their confidence in the financial system. This survey’s major role is to ensure that consumers are provided with sufficient information so that they can make informed financial decisions. Likewise, the FSC tries its best to allow more opportunity for individual financial customers to participate and better meet the demands of the business sector.

Through such measure, Korea will be able to meet the needs of financial consumers which are constantly changing. The survey will restore the people’s confidence on financial policies by raising public awareness through consumer education beforehand, supplementing the weak feedback of the existing evaluation system and improving public relations.

Seongmin (Rose) Kim

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