A Comprehensive Analysis of South Korea’s Financial Consumer Protection Act 2021- Structure and Implications

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Summary:

South Korea's Financial Consumer Protection Act (FCPA) of 2021 aims to regulate consumer rights in the financial sector. The Act introduces protection mechanisms to safeguard against unfair contracts and fraudulent activities, a regulatory framework through the Financial Services Commission, and an integrated system for consumer complaints and dispute resolutions. While the Act addresses critical gaps in consumer protection, it faces the challenge of adapting to rapid technological advancements in FinTech and online banking services. The successful implementation and adaptability of the Act will be crucial in solidifying consumer rights in the financial domain.