Shinhan Financial Group said on Monday it has drawn up a group consumer protection management strategy and a plan to manage its subsidiaries, and has created consumer protection committees within the boards of major units. The move is aimed at making consumer protection a core board-led decision-making system. Subsidiary boards will review and vote on related management plans, while oversight will be strengthened, including checks on KPI suitability.

South Korea is facing compounded pressure from higher oil prices, a weaker won and rising inflation, with the won-dollar rate nearing 1,540 and oil product prices up about 10 percent from a year earlier. The central bank is expected to hold rates this month, but prolonged price and currency pressures could raise the possibility of a second-half hike. Authorities have tightened household debt controls and pushed market reforms, while the Financial Supervisory Service has urged stronger IT internal controls at internet banks.