On February 1, 2021, the Financial Supervisory Service (the ″FSS″) issued a notice on the amendment of the Detailed Regulations on Settlement of Financial Disputes (the ″Detailed Regulations″). It is a measure to enhance fairness and neutrality of the Financial Dispute Settlement Committee (the ″Committee″) as the provisions concerning the Committee are transferred from the Act on the Establishment of the Financial Services Commission to the Act on the Protection of Financial Consumers.
Major details of the proposed amendment to the Detailed Regulations are as follows.
1. Disputing Party′s Right to Attend and Testify Guaranteed
Under the current Detailed Regulations, a disputing party is required to obtain an approval from the Committee in order to attend a hearing to testify. After the amendment, however, such an approval will not be required.
2. The FSS Governor′s Authority to Request Reconsideration Scrapped
The FSS Governor will no longer have the authority to request reconsideration of resolutions adopted by the Committee.
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