SEOUL, August 2 (Korea Bizwire) – The Financial Supervisory Service (FSS) revealed on August 1 that of 85,000 joint sureties issued by 10 loan companies, 23,000 (27.1%) had individuals in their 20s as co-signers. The value of joint loans co-signed by someone in their 20s added up to 79.5 billion won ($71.5 million). Large financial institutions, [...]
SEOUL, July 25 (Korea Bizwire) – Financial regulators ordered ING Life to pay full death benefits to the families of suicide victims. The Financial Supervisory Service on July 24 held a deliberation committee meeting and decided to penalize the life insurance company for not paying a proper amount of insurance money, with a corresponding order to redress. According [...]
SEOUL, June 9 (Korea Bizwire) – The days of credit card may be on the wane in Korea. The total number of credit cards outstanding this year has declined below the level of 100 million, with the number of dormant credit card accounts approaching 10 million. According to the Financial Supervisory Service on June 6, the [...]