South Korea’s Financial Consumer Protection Act 2021 in the Global Context- A Comparative Analysis

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Summary:

The document discusses South Korea's Financial Consumer Protection Act 2021, analyzing its strengths and weaknesses in the context of global standards. The EU's GDPR and the US's sectoral approach offer valuable insights for improvement. While the centralized governance system fosters uniform policy implementation, the Act could benefit from additional provisions addressing the rapidly evolving fintech landscape. Recommendations include technology-specific regulations and consumer education initiatives to ensure the Act's long-term effectiveness.