[뉴스토마토 김보연 기자] The Financial Services Commission has decided to consider introducing ‘agency banking’ so that large technology companies, post offices, telecommunications and distribution agencies can do banking. It is also a policy to investigate ways to expand the scope of business that financial companies can trust to non-banks.
However, it is noted that the responsibility is ambiguous if there is a financial accident due to a problem with the financial business consignee itself. There is no clear legal basis for sanctions against non-bank trustees. The financial authorities said that financial companies should be held accountable in principle.
The Financial Services Commission announced on the 8th that it was holding the 11th Working Group Meeting of the Banking Management, Sales Practices and Systems Improvement (TF) Task Force on the 7th and discussed these issues.
The current Banking Act does not allow bank agency business. In the future, we plan to expand the range of tasks that can be trusted, such as opening savings and loan accounts and lending, so that financial companies such as banks can collaborate with other financial companies and fintech.
Kang Yeong-soo, head of the Banking Division of the Financial Services Commission, said, “‘Naver Pay Money Hana Bankbook’, launched in partnership with Naver Financial and Hana Bank, has been designated as an innovative financial service and has it can be done,” he explained.
In addition, banks will also allow joint agencies in the banking sector to be established through joint investment. This is a method where commercial banks jointly establish agencies in islands and mountainous regions, or regional banks jointly establish agencies in Seoul.
As non-banks are responsible for essential banking tasks such as opening and closing deposit and savings accounts and loans, the FSC looks into the direction of trustees operating under the same authorization system as in the banking business. In addition, we intend to exclude the application of the ‘single company exclusivity principle’ so that the business of several banks can be represented in one place. The intention is to act as an insurance agency that handles products from multiple insurance companies.
If a business load is concentrated or oligopolized by a small number of shippers, risks can increase and unfair transactions such as tying of banking products and other business products can occur.
The Financial Services Commission emphasized that it will prevent systemic risks that may arise from the expansion of business load and agency agencies, which increase as the scope of business load expands. The intention is to strengthen the control and responsibility of financial companies by maintaining a system where financial companies indirectly control trustees.
However, attention is drawn to the fact that there is no sufficient basis for the financial authorities to punish the trustee legally if a financial accident were to happen to the trustee, not the financial company. Regarding this, the Financial Services Commission explained that “financial companies that failed to fulfill their management and supervisory responsibilities after giving the business load are responsible in principle.”
“We will apply an adequate level of obligations and regulations to third parties trusted or acting on behalf of banking business,” said Kim So-young, vice chairman of the Financial Services Commission.
Vice Chairman Kim So-young of the Financial Services Commission presides over the 11th working group meeting of the TF Bank Management, Sales Practices, and Systems Improvement which will be held at the Seoul Government Complex on the 7th. (Photo = Financial Services Commission)
Reporter Kim Bo-yeon boyeon@etomato.com
This article was finally confirmed and corrected by Kim Eui-joong, head of the Finance and Securities Department, in accordance with the News Tomato Reporting Rules and the Code of Ethics.
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