Financial Services Commission and Financial Supervisory Service “to increase the effectiveness of the interest rate cut request system”
From next month, the financial authorities will compare and disclose the operating results of the interest rate cut request rights of financial companies to revitalize financial consumers’ right to use them.
The Financial Services Commission and the Financial Supervisory Service announced on the 17th that as part of an improvement plan for the operation improvement of the interest rate cut request system, they are providing consumers with information about the right to request a rate cut at least twice a year, and they will also disclose the operating performance of each financial company from August.
In addition, it was made to be clearly reflected in the internal regulations of each financial company so that the screening criteria for interest rate cut requests can be operated transparently.
If the request for a rate cut is not met, the standardized text should be followed so that the applicant can easily understand the reason.
The FSC and the Financial Supervisory Service plan to continue to check whether the improvement plan for the rate cut request system is operated without any setbacks at financial companies’ sales windows, and guide them to improve the deficiencies.
The bank is also planning to review measures such as noting the right to request a rate cut to borrowers with improved credit scores from time to time.
The FSC said, “We plan to actively work together with the financial sector to increase the effectiveness of the rate cut request system.”
/yunhap news