President Park urges business leaders to create independent consumer financial protection bureauUpdated: 2013-12-20 PM 4:05:11 (KST)
President Park Geun-hye has encouraged business leaders to set up an independent
consumer financial protection bureau.
During a luncheon with the country's leading financial executives and experts Friday, the president called on the nation's financial sector to become more "trustworthy, creative and global."
President Park said protecting consumers' rights is the first step towards restoring their faith in business, with a series of corruption scandals having emerged in the sector this year.
She also said the financial sector should ease most of their regulations, except for those on consumer protection and financial soundness, and provide financial support for new ideas and technologies so that those ideas can be developed for business.
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