Chief executives of South Korea\'s five biggest banks faced sharp questioning at a National Assembly audit over loan-rate calculations, personal data leaks and consumer protection. Lawmakers alleged banks offset cuts in add-on rates mandated by a legal revision by reducing preferential rates to raise interest income. KB Kookmin Bank and NH NongHyup Bank were pressed on rate adjustments. KB Kookmin also faced scrutiny over its initial response to a hacking incident, while lawmakers criticised unspent security budgets and compensation systems.

South Korea\'s online investment-linked finance industry said it is using the parliamentary audit as an opportunity to stress fair competition principles and responsibilities as large financial platforms enter the market. The Online Investment-Linked Finance Association said big firms\' expansion does not necessarily increase funding for mid- to low-credit borrowers and called for standards to support consumer protection and fair competition. It also urged safeguards against conflicts of interest when platforms both broker loans and supply products.