FSC chief stresses consumer protection, digital transition in COVID era

Financial Services Commission Chairman Eun Sung-soo on Tuesday stressed the importance of consumer protection in the coronavirus era amid surging financial investment activities by retail investors taking advantage of ultralow interest rates.

“Consumer protection is more important than ever as retail investors have increasingly invested in high-profit financial products amid the low interest rate environment triggered by the COVID-19 pandemic,” said Financial Services Commission Chairman Eun Sung-soo. “We need to make utmost efforts to protect financial consumers and to stabilize the markets, particularly at times like this.”

Addressing the financial difficulties facing small-business owners and self-employed businesspeople due to stricter social distancing rules, Eun said building a social safety net for vulnerable groups of people through the power of finance and capital, as well as pursuing the digital transition of the markets, have become important missions for Asia’s fourth-largest economy. 

During the ceremony, special awards were given to 194 financiers and celebrities in recognition of their contributions to keeping the local financial market stabilized. The list of recipients included senior employees from the state-run Korea Development Bank and Korean Federation of Credit Guarantee Foundations, who took part in financial support programs to help companies and small merchants hit hard by COVID-19. 

Also, Jung Yun-ho, a South Korean singer better known by the stage name U-Know Yunho, and actor Ko So-young were recognized for their steady donations and volunteer activities.

By Choi Jae-hee (cjh@heraldcorp.com)