[2021 국감] Refund of 1.3 trillion won for half a year with the bank’s ‘financial product subscription withdrawal right’

It was found that 96,000 product subscriptions were canceled in the banking sector for half a year after the introduction of the ‘subscription withdrawal right’, in which financial consumers sign up for a financial product, withdraw their intention to subscribe, and receive a refund of the money already paid. The amount returned by consumers reached 1.3 trillion won.

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According to the ‘Status of application for withdrawal of subscription from financial companies and processing status’ submitted by the Financial Supervisory Service by Kang Min-guk, a member of the National Power’s power, member of the National Assembly’s Political Affairs Committee on the 12th, 18 domestic companies from March 25 to September 30, when the right to withdraw subscription was introduced A total of 103,729 applications for withdrawal of financial products were received from banks. The amount was estimated at 1.39 trillion won.

Among them, the number of applications withdrawn was 95,901, with a processing rate of 91.8%.

Consumers can cancel the purchase of all financial products such as trusts, loans, and high-level funds at a bank within a certain period of time except for deposit-type products. Looking at each bank, Kakao Bank had the largest number of applications for withdrawal of subscription with 59,119 cases (469.7 billion won), followed by K-Bank with 1295 cases (185.6 billion won). Both banks accepted and processed the application for withdrawal of subscription 100%.

Among the 23 life insurance companies, a total of 276,995 applications (538.6 billion won) were received, and 100% of them were accepted. By company, Linea Life (63,518 cases, KRW 2.7 billion) had the most, and Samsung Life Insurance (39,602 cases, KRW 169.6 billion) had the largest number of applications for withdrawal.

A total of 441,002 applications for withdrawal of subscription were received from 17 non-life insurance companies, and 100% of them were processed. By company, DB non-life insurance (67,222 cases, KRW 4 billion) had the most, and Nonghyup non-life insurance (21,076 cases, KRW 19 billion) had the largest number of applications.

Rep. Kang Min-guk said, “The fact that more than 820,000 cases and refunds amounting to KRW 2 trillion have been applied for half a year after the right to withdraw subscriptions have been applied shows that consumers are exposed to an environment where they can make unfavorable choices when choosing products from financial institutions.” In order to establish the right to withdraw subscription system, monitoring of sales sites should be made more in-depth, and in consideration of the fact that more than one-third of subscription withdrawal requests are made by Internet-only banks, management and supervision guidelines specific to each business sector should be established,” he said.