Hana Financial Group Launches Consumer Protection Committee

Hana Financial Group has established a Consumer Protection Committee, marking the launch of a comprehensive consumer protection system at the group level. All major affiliates, including Hana Bank, will participate in the initiative to proactively address consumer inconveniences and risks associated with financial product sales.

On May 21, Hana Financial announced that it is the first financial holding company in South Korea to convene a Consumer Protection Committee within its board of directors.

Earlier, in March, Hana Financial amended its articles of incorporation during the regular shareholders' meeting, transforming the existing Consumer Risk Management Committee into the Consumer Protection Committee. Subsequently, it appointed Professor Choi Hyun-ja as an outside director and consumer protection committee member, and elevated the rank of the executive responsible for consumer protection from managing director to vice president.

During the meeting, Yoon Shim was elected as the inaugural chairperson of the committee. The committee also focused on discussing the group's consumer protection activities planned for the second half of last year and the implementation status of the 'Best Practices for Financial Consumer Protection Governance' announced by the Financial Supervisory Service in September.

Hana Financial aims to activate a unified consumer management system involving key affiliates such as Hana Bank, Hana Securities, Hana Card, and Hana Capital through this committee. Future core tasks will include establishing group consumer protection policies, defining the roles and authority of the Chief Consumer Protection Officer (CCO), and reviewing and supporting internal controls for consumer protection at subsidiaries. A group consumer protection council will also be established to share best practices for consumer protection activities and complaint prevention among affiliates.

Hana Financial Chairman Ham Young-joo stated, "This is a proactive measure to establish a consumer protection system focused on prevention. We will continue to concentrate our efforts on enhancing the integrated consumer protection governance at the group level."