According to the Financial Supervisory Service (FSC) on September 6, the agency is rolling out a plan requiring banks to provide advance notice before halting or reducing loan products. The FSC discussed the issue at the fourth Consumer Risk Response Committee meeting on September 4, noting that some banks currently halt lending or cut limits without sufficient prior notice, disrupting consumers' financing plans. The FSC plans to work with banks to establish a standardized timeline and method for advance notification of product discontinuations and major condition changes.
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