In a meeting with the heads of 20 banks in June, Lee Bok-hyun, Head of South Korea's Financial Supervisory Service (FSS), emphasized the need for a cultural shift among banks to prevent misconduct.
"To prevent financial accidents, including incomplete sales, a change in the mind and conduct of bank officials is most important," Lee said. "I ask the bank management to actively spearhead efforts to reestablish organizational culture." An "incomplete sale" refers to a customer being given incomplete information about a product or service they are purchasing.
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