KB Securities said on Tuesday it has set up a Consumer Protection Committee within its board to further strengthen its functions and role in protecting financial consumers.

KB Securities said it will install and operate the Consumer Protection Committee as an independent subcommittee within the board following resolutions by the board on March 24 and by a regular shareholders meeting.

The newly created Consumer Protection Committee will play a key role across consumer protection. Its duties include setting basic policies for building and operating an internal control system for financial consumer protection, deliberating and deciding strategic direction and detailed implementation plans, and overseeing results from in-house committees related to financial consumer protection.

The Consumer Protection Committee will consist of 3 directors. A majority of members will be outside directors, and it will mandatorily include a director with expertise in consumer protection, securing objectivity and expertise at the same time.

The committee will meet regularly once every half year. It will also hold meetings as needed to swiftly deliberate major agenda items.

A KB Securities official said the establishment of the Consumer Protection Committee institutionally clarifies that consumer protection is the most fundamental value and a principle that must be observed proactively. The official said the firm will continue to advance its consumer protection governance to enhance the rights and interests of financial consumers and boost trust.