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South Korean competition regulator flags unfair clauses in bank contracts

( October 29, 2025, 04:51 GMT | Official Statement) -- MLex Summary: South Korea’s competition regulator said Wednesday it asked financial authorities to order corrections to unfair terms used by banks and savings banks. After reviewing 1,735 terms, the Korea Fair Trade Commission flagged 60 clauses across 17 categories as harming the rights and interests of customers. The problematic clauses include unilateral service changes or shutdowns on vague grounds, inadequate individual notice, overbroad liability waivers, banks’ unilateral setting of key performance terms and restrictive jurisdiction or termination rules. The regulator said it will seek similar fixes within the year for specialized credit finance, financial investment and online investment-linked finance contracts as those reviews conclude.The statement, in Korean, is attached....

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