Woori Financial Group enhances consumer protection amid regulatory drive

Woori Financial Group has upgraded its consumer protection department under the direct supervision of its chairman, in a move to strengthen financial consumer rights amid intensifying regulatory scrutiny, it said Thursday. The development followed emphasis on consumer protection by the heads of the Financial Services Commission (FSC) and Financial Supervisory Service (FSS), prompted by a slew of personal data theft and mis-selling of products at financial entities. The newly established department will report directly to Chairman Yim Jong-yong, in a clear shift from the previous corporate governance model that had consumer protection oversight under its compliance division. The department will outline and execute group-wide policies, in addition to internal controls oversight. It will also manage and recommend best practices across subsidiaries. Yim presided over a meeting of a consumer protection council joined by chief consumer officers from the group’s 12 affiliates. They will monitor current practices and explore an employee evaluation framework based on consumer issues, in a step t