South Korea\'s financial regulators plan to curb the practice of financial companies repeatedly extending the statute of limitations on overdue loans while continuing collection efforts after receiving tax benefits. Under revised rules, firms will need to let the statute of limitations run its course when it first comes due to have personal overdue loans recognised as losses. The changes also tighten requirements for selling such debts, introduce reporting and disclosure systems, and revise related guidelines and supervision rules.

KB Financial Group will support the psychological and financial recovery of victims of voice phishing and other telecommunications financial fraud. It signed an MOU with the Korean National Police Agency and the Credit Recovery Committee to strengthen prevention and victim support. Under the agreement, police will produce and distribute prevention content and run support schemes, while the Credit Recovery Committee will provide credit counselling and link victims to psychological and legal services. The service starts June 1.