금융소비자 보호 관련 내부통제 시스템에 대한 공법적 고찰
A Brief Study on the Internal Control of Financial Institutions From the Perspective of Public Law
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초록
‘금융소비자 보호’라는 규제 정책적 목표를 달성하기 위하여 국가와 사회는 다양한 수단을 활용할 수 있다. 금융회사가 금융소비자에게 광고 및 홍보를 하거나 권유를 하고, 계약을 체결함에 있어 다양한 규칙을 정하는 것은 금융규제의 전통적인 방식이다. 나아가그러한 목적의 달성을 위하여 행정이 여러 가지 방법을 활용하여 금융회사로 하여금 목표의 도달을 유도하는 것은 이른바 ‘유도행정(Lenkungsverwaltung)’이라는 비교적 최근에 논의되기 시작한 새로운 방안이다. 금융회사가 금융소비자를 충분히 보호할 수 있도록내부통제 시스템을 적절하게 갖추도록 하는 것은 금융회사의 유인 구조를 변경하는 것이본질적 요소라고 생각된다. 행정제재라는 전통적인 反유인(Disincentive)은 물론 금융소비자 보호의 과정과 결과를 유인(Incentive)구조로 활용하는 새로운 수단이 필요하다고여겨진다.
Abstract
Financial consumer protection has been enhanced slowly but drastically along the history of financial regulation. The Securities Act of 1933, the Securities Exchange Act of 1934 in the United States, and the Financial Services Act of 1986 in the United Kingdom built the early legislative frameworks of financial regulation. After various financial scandals and crises, financial consumer protection has been getting more attention from the public, leading to multi-layered government interferences. In 2022, the UK government issued a new guidance under section 139A of the Financial Services and Markets Act called “the Consumer Duty,” which sets a higher standard of care. The new Consumer Duty is comprised of a Consumer Principle, the cross-cutting rules, and the four outcomes. According to Consumer Duty, all firms are expected to deliver four categorized outcomes for retail customers: the governance of products and services, price and value, consumer understanding, and consumer support. In the United States, Congress amended the Securities Exchanges Act of 1934 to impose liability upon broker-dealer company supervisors and to delegate administrative sanction power to the Securities Exchange Commission(SEC) since the 1960s. Lenkungsverwaltung is a German terminology that means the administration (Verwaltung) shall lead (Lenkung) to some status of an industry or society. The government might think of incentives and disincentives as tools for leading society. Making robust internal control in financial institutes is building an effective incentive system. Traditionally, many countries' financial regulation on internal control has chosen so-called “sanction-centered” methods. Sanction could be one of the most effective disincentive tools. However, it would be more efficient to find new incentive ways.
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