FSS chief calls on banks to focus on consumer protection, productive finance

▲ Gov. Lee Chan-jin of the Financial Supervisory Service speaks at a meeting with the heads of local brokerages in western Seoul on Feb. 10, 2026. (Yonhap)

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FSS chief calls on banks to focus on consumer protection, productive finance

SEOUL, Feb. 12 (Yonhap) -- The chief of the country's financial watchdog urged local banks Thursday to draw up measures to better protect consumers and focus on inclusive and productive finance.

In a meeting with the heads of major local banks, Lee Chan-jin, governor of the Financial Supervisory Service (FSS), said banks need to revamp all procedures related to product sales for consumer protection, and play a role in creating inclusive finance for the underprivileged.

"Banks are urged to funnel funding to innovative companies and smaller firms, staying away from reaping interest income easily," Lee said.

Earlier, the country's top banking groups, including KB and Shinhan, said they will implement 70 trillion won (US$48.3 billion) worth of inclusive finance schemes over the next five years for the underprivileged, small merchants and those facing finance access difficulties.

Also, local banks will join the government's mega-sized investment fund, the Public Growth Fund, which was launched in December.

The fund aims to attract 150 trillion won in government and private investment over the next five years to foster strategic high-tech industries, including AI, semiconductors and renewable energy.

It will be used to share the fruits of economic expansion more evenly while stepping up support for young entrepreneurs and startup founders.

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