빅테크의 금융서비스 분야 진출에 따른 금융소비자 보호 관련 법적 쟁점과 개선 과제

Big Tech, which refers to large technology companies, is rapidly expanding its presence in the financial products and services sector, thereby harnessing digital technologies such as big data and artificial intelligence (AI). However, a growing concern has arisen that this expansion could compromise potentially harm financial consumers. Measures are required to protect financial consumers from issues that may arise with the entry of Big Tech into the financial services sector. First, legislating the “criteria for distinguishing between intermediation and advertising” to clarify legal responsibilities concerning services like financial product comparison and recommendation is imperative, as well as customized financial information provided by financial platform operators such as Big Tech. Particularly, the following three scenarios may be considered as intermediation rather than advertising under the Financial Consumer Protection Act: i) The act of comparing and recommending financial products to a specific financial consumer using the financial consumer’s information, ii) of providing customized information to a specific financial consumer for the purpose of selling financial products for profit, and iii) of providing information on financial products to a financial consumer in a manner that may mislead them into believing that they are a party to the contract. Second, in cases where a Big Tech company can be deemed to wield significant influence over a direct financial product seller as a platform operator despite notification under Article 26 of the Financial Consumer Protection Act as a financial product sales agent/intermediary, it may be worth considering the introduction of a regulation that acknowledges the legal responsibility of the Big Tech company under the financial product/service transaction contract between the direct financial product seller and the financial consumer. Third, safeguarding user funds concerning financial products and services offered by Big Tech companies is essential. To achieve this, strengthening the “management, status report and disclosure system” recommended in the User Fund Protection Guidelines can be achieved through stipulations and mandates in the Electronic Financial Transactions Act. This measure would bolster the effectiveness of preventing harm to numerous financial consumers, such as the inability to cover prepaid charges resulting from the deterioration of prepaid companies’ management. Furthermore, the introduction of a system to notify financial consumers of prepaid charges associated with e-finance transactions would further enhance safety by intensifying the monitoring of user funds. Accordingly, this study aims to improve potential issues arising from Big Tech’s foray into finance and encourage innovation in financial technology, ultimately enhancing the convenience of financial consumers.