SK FSC, KFB Blocking Marketing Calls

On Jun. 3, SK FSC, SK KFB issued plan to expand do-not-call system.

  • SK FSC and SK KFB announced a plan to expand the do-not-call system, which enables financial consumers to block marketing calls from financial firms all at once.
  • Follows SK KFB Jul. 2022 improved do-not-call system for consumers, see #142358.
  • Background
  • Since Sep. 2014, firms including banks, insurers, securities companies, credit card companies, and savings banks, have established and operated a financial sector do-not-call system led by SK KFB, which helps consumers block marketing calls for 5 years.
  • SK FSC revised the Enforcement decree of the financial consumer protection act in Oct. 2023, to grant financial consumers a right to request a ban on contacts from financial companies for the purpose of introducing or recommending financial products.
  • System Expansion
  • Large corporate insurance agencies with 500 insurance planners or more will join the do-not-call system, so that consumers can readily block unwanted marketing calls.
  • A reporting function will be added to the system, to allow consumers to report cases where they receive unwanted calls, despite their application for do-not-call service.
  • Where there is a report from financial consumers, financial companies should confirm facts, take action, and notify the consumers concerned of the results within 2 weeks.
  • Plus, take follow-up measures by self-inspecting the results of processing reports.
  • Strengthen the provision of guidance where consumers agree to receive marketing calls after applying for the do-not-call service, by informing them of details on their consent to receive marketing contacts, and how to opt out via text message.
  • Plan
  • The financial authorities and financial associations will expand participation by financial companies, and make improvements to the function and convenience of the system.
  • Effectiveness
  • The measures to expand the do-not-call system will be implemented from Aug. 2024 after the development of computer systems by participating financial companies.

Regulators SK FSC; SK KFB
Entity Types Bank; CU; IB; Ins; Inv Co; MSB
Reference PR, DB, 6/3/2024; Dec 33913, 12/12/2023
Functions Complaints; Operations; Privacy; Sales Practices
Countries South Korea
Products Banking; Fund Mgt; Insurance
Regions AP
Rule Type Final
Rule Date 6/3/2024
Effective Date 8/1/2024
Rule Id 214394
Linked to Rule :142358
Reg. Last Update 6/3/2024
Report Section International

Last substantive update on 06/05/2024