KB Financial Group is moving to strengthen the financial consumer protection system at its group affiliates and boost the expertise of related organisations.

KB Financial said on Aug. 26 it held the third consumer protection working-level council on Aug. 24.

The meeting was attended by chief consumer protection officers from 10 group affiliates including KB Kookmin Bank, KB Securities, KB Insurance, KB Kookmin Card and KB Life Insurance.

Participants discussed consumer-focused ways to operate products and services, measures to strengthen the expertise of consumer protection organisations and a plan to refine KB Kookmin Bank’s consumer protection quality index.

They reviewed the design principles and operating process for work procedures such as signing up for and cancelling products, focusing on how consumers actually experience them through the stages of handling customer complaints from occurrence to resolution.

They also discussed staffing plans to raise the expertise and business continuity of consumer protection organisations. They shared the operating status of KB Kookmin Bank’s Consumer Protection Quality Index (CPQI) and plans to refine it.

An outside expert lecture was also held to share the financial authorities’ consumer protection policies and supervisory direction. Kim Mi-young (김미영), former head of the Financial Consumer Protection Bureau at the Financial Supervisory Service, explained recent consumer protection policies and supervisory direction, financial companies’ consumer protection systems and the role of chief officers.

A KB Financial official said, "Financial consumer protection does not end with having systems and procedures in place. It is important that the consumer’s perspective functions as a practical standard for judgment in all business processes."