FTC head vows stern action against unfair practices burdening people
Summary
Fair Trade Commission Chairman Ju Biung-ghi said Monday at the National Assembly in Seoul that the watchdog will take stern action against unfair market practices that increase people's financial burdens. The FTC plans stronger measures against repeated price fixing, including revoking business registrations, seeking suspensions and ordering companies to reset prices. It will also monitor daily-life sectors, platform operators and conglomerates while strengthening protections for small businesses and the self-employed.
Key Facts
- The FTC will develop policy measures to address repeated price fixing, including revoking registrations, seeking business suspensions and ordering companies to reset prices.
- The commission will focus on unfair practices in the wedding, leisure and funeral industries.
- The FTC will closely monitor online marketplaces, delivery apps and accommodation apps for abuses of market power.
- The commission will thoroughly review platform operators' mergers to ensure fair competition.
- Ju said the FTC aims to reduce South Korea's economic dependence on major business groups and protect businesses' ability to focus on operations and technological innovation.
Ju Biung-ghi, head of the Fair Trade Commission, Sept. 21 / Yonhap
The head of Korea's antitrust watchdog said Monday his agency will take stern action against unfair market practices, such as price fixing, that add to people's financial burdens.
Ju Biung-ghi, head of the Fair Trade Commission (FTC), made the remarks during a parliamentary audit at the National Assembly, noting the watchdog will work to revamp policies to root out such abuses.
"To fundamentally address deep-rooted price fixing in the market, the FTC will develop more effective policy measures, such as revoking the registrations of businesses repeatedly engaging in price fixing, seeking business suspensions or ordering companies to reset their prices," Ju said.
The chairperson added the commission will proactively address unfair practices in sectors closely linked to people's daily lives, including the wedding, leisure and funeral industries.
Ju said the FTC's policy goals include giving vulnerable groups, including small businesses and the self-employed, a stronger voice.
"To ease the imbalance of power among market players, we aim to establish an environment where they can compete fairly and receive fair compensation," Ju said.
The FTC will closely monitor abuses of power by platform operators, including online marketplaces, and delivery and accommodation apps, while thoroughly reviewing their mergers to ensure fair competition.
Touching on conglomerates, Ju said the FTC will work to reduce the country's economic dependence on major business groups, while proactively monitoring any unfair practices.
"The FTC will take stern action against abuses by powerful market players so businesses can focus on their operations and technological innovation," Ju said.
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