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Woori Financial Group's acquisition of Tongyang Life and ABL Life has faced uncertainty after Financial Supervisory Service (FSS) Chief Lee Bok-hyun publicly criticized the legitimacy of the deal. Woori Financial Group's acquisition of Tongyang Life and ABL Life has faced uncertainty after Financial Supervisory Service (FSS) Chief Lee Bok-hyun publicly criticized the legitimacy of the deal. With the unexpected hurdles delaying the merger and acquisition (M&A) process, Woori Financial is expected to incur additional costs. Meanwhile, ABL Life is considering both resale and merger options as it faces increased pressure to strengthen its capital base. Recently, Lee Bok-hyun, the head of the Financial Supervisory Service, publicly criticized the legitimacy of Woori Financial Group’s acquisition of Tongyang Life and ABL Life, casting doubt on whether regulatory approval for making these companies its subsidiaries can be obtained within this year. Woori Financial, which has previ...

Investing in international stocks and participating in overseas IPOs can differ significantly from the domestic investment environment. Investing in international stocks and participating in overseas IPOs can differ significantly from the domestic investment environment. Financial authorities have advised investors to be cautious about currency risks and the different allocation criteria for IPOs abroad. This blog explores essential considerations for investing in foreign stocks and recent recommendations from financial regulators. 1. Currency Risk in Overseas Investments According to the Financial Supervisory Service (FSS), investors should be aware of the risks associated with currency and interest rate fluctuations when investing in foreign bonds. For instance, individual investor Mr. A invested in Brazilian government bonds expecting a stable annual interest rate of 10%. However, as the value of the Brazilian currency declined, the interest income converted to his local currency de...

If you receive an offer of expensive gifts or insurance premium subsidies in exchange for signing up for an insurance policy, it may be illegal.  If you receive an offer of expensive gifts or insurance premium subsidies in exchange for signing up for an insurance policy, it may be illegal. The Financial Supervisory Service (FSS) is cracking down on such practices, and both insurance agents and policyholders involved in these activities can face criminal penalties. In this blog post, we’ll explore the risks of special inducements and the consequences they may bring. If you’ve been offered expensive gifts or premium subsidies when signing an insurance contract, consider this a serious red flag. According to the Financial Supervisory Service, over the past four years (2020–2023), 205 insurance agents were sanctioned for violating the prohibition on offering special inducements, with 16 cases being referred to law enforcement. Special inducements refer to offering or promising money or...

The Financial Supervisory Service (FSS) has imposed a fine of 100 million KRW on One Financial Services for violating insurance contract regulations. The violation involved signing up policies under false names, a practice prohibited under Article 97 of the Insurance Business Act. This incident highlights the need for adherence to legal standards and greater transparency within the insurance industry. On August 18th, the FSS announced that Wonkum Financial Services had violated Article 97 of the Insurance Business Act during the insurance contract signing and solicitation processes. Specifically, between March 6, 2019, and November 29, 2019, the agency signed up 194 insurance contracts, including accident insurance, under names other than those of the actual policyholders. As a result, the initial premiums amounted to approximately 33 million KRW, and the agency earned 125 million KRW in commissions. These actions were clear violations of the law, leading the FSS to impose a fine of 10...