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[Alpha Biz=(Chicago) Reporter Paul Lee] KB Securities received management caution and improvement measures from the Financial Supervisory Service due to lack of retirement pension operation and management.
According to the Financial Supervisory Service on the 18th, the Financial Supervisory Service, which recently inspected KB Securities, notified them of management precautions (one case) and improvements (five cases), citing retirement pension guidance, management system and lack of termination work. The FSS inspection confirmed that KB Securities lacked guidance on the operation of retirement pension standby funds. Although standby funds account for about 16% of the total reserves, only some subscribers who set aside more than 30 million won due to a lack of counseling specialists conducted wired counseling.
Another problem was having customers visit branches when they terminate their personal retirement pension (IRP) accounts. The Financial Supervisory Service ordered KB Securities to come up with a plan to terminate its IRP account over the phone and the Internet in consideration of consumer convenience.
KB Securities was also pointed out that the retirement pension education for executives and employees, the selection and management system of reserve funds, etc. were insufficient. In September last year, KB Securities falsely entered the existing advertisement review number without prior deliberation by a compliance officer.
An official at KB Securities said, "We will improve the improvements specified by the FSS after internal review."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
