Seoul: South Korea's antitrust regulator announced Monday that it has formally requested the financial regulator to address unfair terms and conditions imposed by credit companies on their customers.According to Yonhap News Agency, the Fair Trade Commission (FTC) conducted a comprehensive review of 1,215 terms and conditions from credit card firms, credit loan providers, and related companies. The review identified 45 problematic clauses, prompting the FTC to reach out to the Financial Services Commission for assistance in revising terms that potentially limit or hinder consumer interests and rights.The FTC highlighted several issues, notably clauses that allow credit card companies to change or discontinue services without prior notice, leaving customers exposed to sudden restrictions. Additionally, some agreements contained ambiguous language, such as "subject to the circumstances of affiliated partners," which permits companies to unpredictably limit services.Each year, the FTC reviews new or revise d financial terms and conditions introduced by banks and financial institutions. Based on these findings, the FTC pinpoints unfair practices and suggests necessary changes to safeguard consumers.
- October 12, 2026
