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FSC to formalise online deposit comparison and recommendation, allowing platform broker registration

South Korea\'s Financial Services Commission will move online deposit comparison and recommendation services into the regulatory system by revising supervisory rules under the Financial Consumer Protection Act. Platforms will need to compare and recommend deposit products from at least three financial companies and list them in consumer-friendly order. The rules limit incentives per contract, cap brokering volumes by financial company and expand algorithm verification bodies. The revision will take effect three months after notice, with a six-month grace period for current pilot operators.