금융소비자보호 강화를 위한 금융분쟁조정 제도 연구 및 개선방안 모색

This paper discussed the current financial consumer dispute resolution system, its’limitations and related issues, and future directions for the system. This paper suggested sixideas to protect financial consumers in light of financial consumer dispute resolution system. First, Alternative Dispute Resolution (ADR) decision should be legally binding only forthe financial institutions. At least, it is necessary to accept the first suggestion on thesmall amount of money related to financial dispute between consumers and financialinstitutions. Second, the entities with an authority to settle financial disputes, such as Korea ConsumerAgency(KCA), Financial Supervisory Service(FSS), and Korea Financial InvestmentAssociation(KFIA), should be integrated into a single channel, and if the integrationappears to be impossible, it is urgent that at least, the entities should work together. Third, an independent and consumer-friendly entity should be established, in order toguarantee rapid dispute resolution and transparency of the resolution process, and tofacilitate accessibility for financial consumers. Forth, it is necessary to adopt a collective alternative dispute resolution system toprotect financial consumers. Fifth, it is necessary to encourage financial institutions to employ a self-resolution system such as conciliation-prepositive principle. Finally, the institutions for financial dispute resolution institutions should be reinforcedand the experts in the relevant sector should be educated.