‘금융소비자 보호에 관한 법률안’의 내용 및 문제점

Recently it has become an urgent pending problem to protect financialconsumers since several financial accidents which produced to massive victims. For the purpose it needs to enact the law of financial consumer protection andto reform the financial supervisory authority. The government legislative bill has been proposed since 2011, howeverit has not been enacted yet. Final government bill of July 6, 2012 has been stilldebated in the Assembly. As regards the independence of financial supervisoryauthority, it is offered in the bill that it should be established within the'Financial Supervisory Service (FSS)' and have more strengthened power thanpresent in budget, personnel matters and work by the bill. However I think theindependence of it is very weak because it is proposed to consult with governorof FSS to decide budget and personnel matters in the bill. Even it needs therecommendation of the governor of FSS to appoint director of it. Several legislation bills by Assemblymen have been proposed too. According to them it is majority opinion that financial supervisory authority beplaced under Financial Committee and it has equivalent status to FSS. In thisway financial supervisory function could be worked more independently and efficiently than present. Although diverse opinions can be proposed, it should be achieved that financial supervisory authority be independent and be granted powers needed to supervise the financial company.