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Hana Financial sets up consumer protection committee amid reform drive
Hana Financial Group Chairman Ham Young-joo / Courtesy of Hana Financial Group
By Lee Kyung-min
Hana Financial Group has set up a consumer protection committee within its board of directors in a move to strengthen consumer rights, the group said Tuesday.
Hana is the first financial entity in the country to do so, signaling continued governance reform that places greater emphasis on consumer protection as a central corporate management rule.
The new committee will directly evaluate and manage consumer protection policies and outcomes at the board level, representing Hana’s effort to elevate consumer interests as the top priority of the group’s highest decision-making body.
Amid growing regulatory and social pressure to strengthen consumer rights, it remains to be seen whether Hana’s model can serve as an example for other financial groups.
Hana said the committee is part of its broader initiative to build a groupwide consumer protection governance framework, designed to unify priorities for all group affiliates.
The move seeks to make sure that the process of financial product development, consumer review and after-sales evaluations uphold consumer protection principles, as part of strengthened preemptive prevention of consumer harm.
The group is also introducing an integrated internal control management system for consumer protection, enabling group-wide oversight of compliance and risk mitigation efforts.
The system will allow subsidiaries to better identify, monitor and prevent potential emerging risks — particularly those associated with artificial intelligence and virtual asset markets.
In June, its flagship subsidiary Hana Bank secured the industry’s first consumer risk management patent for its proprietary system that performs real-time risk analysis across investment products.
The group has further advanced its digital protection measures through robot-powered, automated services for fast, effective handling of complaints.
Hana chairman Ham Young-joo said the company intends to set “a new standard for consumer protection in the financial industry,” pledging a comprehensive overhaul of related regulations and internal systems.
“We will make consumer protection our highest priority and drive sustainable growth built on long-term trust with customers, shareholders, employees and society,” Ham said.