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Photo = Fair Trade Commission |
[Alpha Biz= Reporter Kim Sangjin] The Korea Fair Trade Commission (KFTC) announced on the 20th that it has identified 79 clauses (across 14 types) in a total of 1,748 terms used by banks and mutual savings banks that infringe on the rights of financial transaction customers. The KFTC has submitted a request for corrections to the Financial Services Commission.
The KFTC has been conducting annual reviews of newly created or amended financial transaction terms across banks, savings banks, credit finance companies, and financial investment firms. To protect customers’ rights more swiftly, the KFTC prioritized the request for corrections in the banking and savings bank sectors, as those reviews have been completed.
Among the representative unfair terms are 28 clauses that raise concerns about banks arbitrarily suspending or limiting services. For instance, some terms allow banks to restrict services for abstract or comprehensive reasons that were unforeseeable at the time of the contract.
Additionally, there are 12 clauses that presume customer inaction as consent, as well as clauses that include unjust disclaimers for banks and those that omit individual notifications or inadequately specify the means or timing of notifications.
The KFTC plans to swiftly request corrections for unfair terms in the credit finance and financial investment sectors currently under review and will continue to collaborate with financial authorities to prevent the repeated use of unfair terms in the financial industry.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
