“It depends on the way you look at it… There should be detailed guidelines
[아이뉴스24 박은경 기자] Big tech and the fintech industry are not hiding their embarrassment ahead of the application of the Financial Consumer Protection Act (Golden Law).
As the grace period ends on the 25th, the financial authorities are also starting full-scale supervision, and the guidelines outlined are unclear and there is a lot of room for conflicting interpretations.
According to the financial industry on the 10th, the Financial Services Commission and the Financial Supervisory Service held the ‘5th Financial Consumer Protection Act Enforcement Status Inspection Group Meeting’ on the 7th and announced cases of application of the Gold Soil Act on online financial platforms. This is due to the end of the grace period for the prohibition law from the 25th.
# Industry “embarrassed” because there are many cases of application of the Gold Solicitation Act
The financial authorities announced an example of the application of the Gold and Silver Act on an online financial platform, citing ‘major cases’. It is pointed out that there is too much room for interpretation to interpret based on case alone.
For example, in the case of ‘financial product information provision’, if the word investment is displayed along with payment, loan insurance, etc. on the first screen, it is an intermediary act. In this case, the interpretation may vary depending on the exposure method.
In addition, receiving commissions according to sales performance is also considered brokerage. Conversely, it is not suggested whether services are provided without commission to consumers as brokerage.
The industry cannot hide its dismay over this. An official in the fintech industry said, “We announced guidelines through examples, but there is too much room for interpretation. ” he said.
Another fintech industry official pointed out, “It is true that there is a lot of room for interpretation,” he said.
# Pointed out that it is difficult to acquire a new license due to the characteristics of the system
In addition, although it was stated that the method mentioned in this case is a brokerage act under the Gold Medal Act, it is also a problem that it is difficult to register as a real brokerage business due to entry restrictions under the current financial laws. The grace period for the Prohibition Act ends on the 25th, and the corrective period is about two weeks, but no detailed measures have been taken.
Another fintech industry official said, “There is an aspect of applying too rigidly without deep thought about the online financial platform.
In addition, difficulties were raised in the promotion of new businesses due to the nature of the current system. This is because the authorities are in a position to obtain a license to engage in insurance brokerage, etc., but there are limitations in the current system.
Earlier, the FSC mentioned the limitations of registration in the system, saying, “In cases where it is difficult to register as a brokerage business due to entry restrictions under the current financial laws, we plan to inform the policy direction or action plan through additional review in the future.”
The official said, “In the end, the authorities are in the position of obtaining a license to start a business, but in the case of fintech, I want to start a business with a license, but even if I try to register with an investment solicitor, it is not a corporation, and the insurance agency registration is difficult because the policy has not changed. “There is,” he said, adding, “You can create a system so that you can do it and then impose sanctions, but starting with sanctions is the same as telling you to quit your business.”
The FSC will not announce additional guidelines on this. However, the detailed direction has been completed through a meeting with the industry the previous day.
An official from the Financial Services Commission said, “After meeting with the industry the day before and completing detailed status, additional guidelines are not scheduled to be announced.”
Meanwhile, the Gold Soil Act came into effect on March 25, but it was delayed for six months until the 25th due to the industry’s request for a preparation period. As a result, the financial industry, including online financial platforms, will be subject to the gold bullion law from the 25th.
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