소비자친화적인 금융소비자 피해구제 -대규모 불완전판매에 대한 소비자 피해구제 사례 연구를 중심으로-

The rapidly changing digital environment has led to the rise of non-face-to- face financial transactions, which has in turn, created a possibility of more diverse consumer harm. This study points to wide-spread consumer harm cases such as mis-selling scandals of debt-cancellation-debt-suspention products and ‘cardsurance’ sales by credit card companies where financial companies mis-sold financial products to consumers by misrepresenting the terms and conditions of such products. While we expect the uprise of similar cases of widespread consumer harm in the future, existing current law is ill-suited to amend these types of harm because they are limited to cumbersome and time–consuming means such as litigation and financial dispute resolution systems. Furthermore, (unlike certain foreign jurisdictions studied in this case study) Korean national laws lack the explicit legal grounds to mandate financial companies to reimburse consumers in cases of widespread consumer harm. Widespread mis-selling is not a phenomenon exclusive to Korea. In the United States, widespread mis-selling of credit card add-on products called the attention of the CFPB, while in the United Kingdom, mis-selling of payment protection insurance has also caused the FSA/FCA to perform drastic measures for consumer redress of these products. Notably, in these two nations consumer redress in cases of widepspread financial harm are done efficiently and effectively. Financial companies were required by their financial authorities to reimburse directly to the consumers of the financial harm caused by mis-selling (in the U.S. by way of consent order), or to notify their consumers of the possibility of financial harm caused by mis-selling (in the U.K. by way of PPI consumer redress schemes). Most importantly, in the U.S. and the U.K., consumer redress schemes are imposed and operated by explicit legal mandates, guidelines and procedures promulgated by financial authorities, and are closely supervised by financial authorities. This paper argues that the Financial Consumer Protection Bill which is submitted to the Korean legislature should include new provisions on consumer-friendly consumer redress schemes which are modeled after these foreign examples.