The Korea Herald


[Graphic News] Financial complaints on rise

By Korea Herald

Published : May 12, 2013 - 20:27

    • Link copied

Consumers’ complaints against the nation’s financial institutions have gradually increased over the past three years, data showed.

According to a report released by the Financial Supervisory Service, the number of complaints consumers filed with the financial authorities amounted to 94,794 cases last year, a 11.9 percent increase from 2011, which posted 84,731 cases.

Of the total complaints in 2012, 48,000 cases were about insurance. Policyholders’ major complaints were about insurance companies’ sales activities without informing consumers of the exact terms.

Around 42,000 complaints were related to banks including mutual savings banks, and 3,500 complaints were about financial investment.

Analysts said financial consumers’ complaints seem to have increased due to a long slump in the nation’s economy and the recent suspension of operations of troubled savings banks.

By Choi In-jeong (