[Digital Today reporter Ji-young Lee] Shinhan Financial Group said on Monday it has established a "group consumer protection management strategy and subsidiary management plan" and has created a "Consumer Protection Committee" within the boards of major subsidiaries.

The measure is intended to elevate consumer protection into a core, board-led decision-making system. Boards at key subsidiaries, including banking, cards, securities and life, will directly deliberate and vote on consumer protection-related management plans.

It also plans to strengthen the board's oversight function, including checking the adequacy of the performance compensation system (KPI), and to fully roll out a program to manage the level of consumer protection at each subsidiary.

Shinhan has continuously strengthened its consumer protection framework across the group since creating a "Consumer Protection Division" in July 2023, the first among financial holding companies. It currently operates related strategies and systems through a consultative body involving executives in charge of consumer protection at each affiliate.

A Shinhan Financial official said, "Board-led consumer protection governance is key to securing customer trust," adding, "We will continue to advance our responsible management system and strengthen financial consumer protection."