BNK Financial Group is creating financial consumer protection committees on the boards of Busan Bank and Kyongnam Bank and strengthening the independence and authority of its chief consumer protection officer. It is also holding a contest in which employees across its affiliates identify business practices unfavorable to consumers and propose improvements.

BNK Financial said on Wednesday that its key subsidiaries, BNK Busan Bank and BNK Kyongnam Bank, have each set up a "Financial Consumer Protection Committee" under their boards.

It also strengthened the independence and authority of the chief consumer protection officer (CCO), who oversees financial consumer protection work. Going forward, the board will directly decide on the appointment and dismissal of the CCO, whose term will be guaranteed at 2 years.

Along with strengthening its institutional foundation, BNK Financial is also running a "Return (Re-Turn) Challenge Contest" for employees across the group’s affiliates.

The contest, which has been under way since July 20, is a call for proposals in which employees directly identify business practices that could lead to conflicts of interest between financial companies and consumers, as well as systems and procedures that are unfavorable to consumers and other inconveniences, and suggest improvement ideas.

BNK Financial plans to select and reward outstanding proposals and reflect them in actual business procedures. It aims to link issues raised on the ground to institutional improvements and turn consumer-centred management into practical business innovation.

Hong Myung-jong (홍명종), executive vice president and head of BNK Financial Group’s consumer protection and internal control division, said it is strengthening consumer protection governance at key subsidiaries while also working to spread a consumer-centred culture among all employees. He said it would continue efforts across systems and culture so that the rights and interests of financial consumers can be meaningfully protected.