금융회사 파산과 금융소비자 보호

Recent Savings Banks crisis or CP crisis of Dong Yang Group in Korea revealed the lack of financial consumer protection scheme against the losses arising from the improper business conduct of financial institutions. While financial consumers are compensated through the Financial Dispute Mediation Committee if the financial institution continues to operate, legal protection mechanisms of protecting them in the failed institutions is absent. We evaluate the current situation of Korea’s ex-post financial consumer protection scheme when the financial institutions go bankrupt. After thorough investigation of reforms of financial consumer protection schemes of advanced countries such as United Kingdom, United States and European Union, we proposes remedial measures. Especially, we propose the Financial Consumer Protection Fund to compensate the losses incurred by the financial consumers arising from incomplete business practices in the failed financial institutions. Design of the Fund to alleviate the moral hazard problem which usually accompanies the public protection scheme is investigated. Expansion of scope of protection to the investment companies is also discussed. Considering the main task of Korea Deposit Insurance Corporation(KDIC) is to protect the financial consumers of failed financial institutions, KDIC is regarded to be well suited to the job of operating and managing the Fund.