금융상품 정보 제공에 관한 금융소비자 보호 정책 연구

초록

Amid growing worldwide concerns about financial consumer protection after the global financial crisis, the first volume of the Financial Consumer Report was issued by the Financial Consumer Protection Bureau of the Financial Supervisory Service in Korea on October 16, 2012. Dealing with pension savings, the Financial Consumer Report raised awareness about the importance of financial product disclosure in consumer protection. With a review of the main points of the report,this article suggests the scope and requirements of financial product information. Financial product information should be defined, in its broader meaning, as both the essential features of the product and additional information to help consumers better understand them. Financial product information should be sufficient, effective, neutral and serve the public interests. Within the theoretical framework of microeconomics, this article also analyzes the roles of the regulatory authority in addressing information asymmetry in financial markets. Since financial institutions have no incentive to provide consumers with sufficient information to make informed decisions in relation to the product acquisition, the regulatory authority should set the level of information required to be included or provide such information directly to financial consumers. In addition,the regulatory authority should consider improving their financial capability through financial education. The results of the study are expected to offer policy implications for enhanced financial consumer protection in the future.

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