Korea P2P Finance Association (Chairman Yang Tae-young) announced that it will obey revised guidelines on P2P industry announced by Financial Services Commission (FSC).
“Because legislation of P2P finance is an important element for protection of investors and healthy growth of P2P finance industry, our members will obey guidelines so that legislation can take place without delay and they will focus on practicing ethical management.” said Korea P2P Finance Association regarding FSC’s ‘Revision of P2P Guidelines and Direction for Legislation’.
FSC announced revised guidelines that require P2P companies to publicly announce relevant information, prevent fund management with maturity mismatch, express warning signs regarding loans by installments, enhance protection system on investors’ funds, and inspect security management system for personal information through outside companies.
Korea P2P Finance Association is going to establish an education program as quickly as it can to inform its members about revised guidelines. It is also going to decide on a format that will be used by all of its members so that investors can easily compare and analyze information between companies and receive help on decision for investments.
Korea P2P Finance Association greatly welcomes FSC’s intention to actively push for legislation and it announced that it will focus on having P2P finance industry established as a healthy industry.
“Since financial authorities announced that they will actively push for legislation regarding protection of investors and healthy growth of P2P finance industry, we are going to do our best on our end to establish appropriate regulations and for healthy growth to take place.”
Staff Reporter Ham, Jihyun | goham@etnews.com