『금융소비자보호법』제정안의 판매관련 금융소비자보호의 의의와 한계 = In Search for the Substantial Protective Measures for Financial Consumers based on the Bill of Financial Consumer Protection Act

다국어 초록 (Multilingual Abstract)

In response of the increasing damages of financial consumers suffering form the asymmetry of information and conflict of interests between financial consumers and financial companies, Financial Service Commission submitted the bill of Financial Consumer Protection Act to the National Assembly and waiting for the review. This Bill is positively evaluated and expected to strengthen the protection of financial consumers in the near future. Like this Act is said to have the position of the general protective law for the financial consumers, this bill aims to expand both ex-ante and ex-post protective measures. The bill of Financial Consumer Protection Act can be evaluated positively in that it adopts functional regulation approach as a regulatory framework. Based on the characteristic of financial products, the bill recharacterized and organized the financial products and financial services. In addition, according to the types of sales, it divided the sales channels as follows: direct sales, sales agents and advisors. In the sense that this approach and framework can be understood to eliminate dead zone and regulatory arbitrage, this regulatory framework can be evaluated to be positive. However, when look at the details of regulatory contents, it still focus only on the sales phase. Financial disputes occur not only on the phase of sales but on the after-sales. In addition, making reasonable and right financial decisions is very important the present and future life. However financial products are getting complicated and complex. Furthermore, when sales persons are tied to special financial companies, it causes conflict of interests between sales person and financial consumer. In regard this problems, the bill adopted independent financial advisors. Independent financial advisors are persons who offer the independent advice on the financial matters to the financial consumers and recommend suitable financial products from the whole of the market. This device is advice focused and not driven products. To success this advice focused approach and change the sales practice soundly, we need more backup system to help the business of independent financial advisors. However, the bill does not include to support it sufficiently. On the other hand, as a ex-post protective measures, the massive dispute resolution mechanism for the financial consumers also is not provided in the Act. Though litigation is the surest means of dispute resolution, it has a limitation. It takes to long and needs too much financial supports. In this regard, as an effective dispute resolution measures, the massive dispute resolution mechanism should be adopted and are based on the bill.

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