금융소비자보호법과 고난도 금융투자상품의 투자자보호

Abstract

The complexity of financial products provides financial consumers with more diverseoportunites to manage their asets. The complexity, however, would impair investorunderstanding of the product, which necesitates more scrutiny and supervision in termsof regulation. In 2019, The Financial Supervisory Commision(FSC) introduced measures aimed atenhancing consumer protection especialy for ‘high-risk investment products’ as knownas ‘complex financial products’. In 2020, the Financial Consumer Act, which is to unifythe regulation of sales activites of financial companies was enacted and recently thelegislation of its Presidential Decre has ben pre-anounced, which revealed the detailsof the regulatory scheme for financial consumer protection. The legislation of the Financial Consumer Protection Act enhanced the level offinancial consumer protection in general in that it expanded the scope of financialproducts subject to financial consumer protection measures; that it suplemented thepre-existing regulations on sales activites of financial companies under the CapitalMarket and Financial Investment Services Act; that it extended the scope of the right of withdrawal by a financial consumer; and that it provided financial consumers’ right tocancel a ilegal contract. Regarding the protection of investors in high-risk financial products, however, thereare some points that cal for complement. The Consumer Protection Act does not providediferentiated regulatory schemes for high-risk financial products. Measures forenhancing consumer protection for high-risk financial products introduced in 2019 shouldbe integrated in the Consumer Protection Act as being suplemented since they are notsuficient for protecting investors in high-risk financial products.