Consumers to get more details on loan products

Local financiers will be required to provide more details on check and credit cards as well as low and mid-interest lending products, the Financial Supervisory Service (FSS) said.

In a bid to promote consumers’ rights, the FSS said on Thursday it will strengthen its website, called “Financial Product Information at a Glance”, which enables local financial customers to compare the benefits and risks of various financial products.

The FSS launched the website in January to promote consumers’ rights, but the services had limited information on savings and lending products at banks and insurance plans.

The improved service will offer more information on low and mid-interest products, which lend money at 7 to 15 percent interest rates to lower credit holders, the FSS said. Financiers in different sectors and even non-financial companies are jumping into the mid-range interest lending business.

Commercial banks, insurers and savings banks will be required to provide information starting in September, and card companies by the end of this year.

The FSS will also renew its electronic regulatory filing system, the Data Analysis, Retrieval and Transfer System (DART), by June to enable local retail investors to compare and contrast the business reports and balance sheets of up to five listed companies. ?

BY KIM JI-YOON [kim.jiyoon@joongang.co.kr]