April 18, 2024
Finance
Complaints against financial firms rise 7.7% in H1
[THE INVESTOR] The number of consumer complaints against financial firms rose 7.7 percent on year in the first-half of this year, mainly due to deceptive insurance products and fraudulent peer-to-peer lenders, official data showed on August 19.
The Financial Supervisory Service said it received a total of 40,037 consumer complaints in the January-June period, compared with 37,164 complaints for the same period in 2017.
Deceptive sales of life insurance products, requests for benefits from cancer insurance companies and unpaid return of investments for peer-to-peer lending topped consumer complaints in the first half, the FSS said.
Complaints against banks were up 8.5 percent on year to 4,608, while those against non-banking financial institutions rose 18.3 percent on year to 9,336, according to the data.
Complaints against life insurers rose 3.4 percent on year to 9,713, while those against non-life insurers gained 2.1 percent on year to 14,648, the data showed.
By Ahn Sung-mi and news wires (sahn@heraldcorp.com)
The Financial Supervisory Service said it received a total of 40,037 consumer complaints in the January-June period, compared with 37,164 complaints for the same period in 2017.
Deceptive sales of life insurance products, requests for benefits from cancer insurance companies and unpaid return of investments for peer-to-peer lending topped consumer complaints in the first half, the FSS said.
Complaints against banks were up 8.5 percent on year to 4,608, while those against non-banking financial institutions rose 18.3 percent on year to 9,336, according to the data.
Complaints against life insurers rose 3.4 percent on year to 9,713, while those against non-life insurers gained 2.1 percent on year to 14,648, the data showed.
By Ahn Sung-mi and news wires (sahn@heraldcorp.com)
