What sanctions do financial companies face for violating the six major sales principles?

According to the Financial Services Commission, violations of the six major sales principles can be subject to an administrative fine of up to KRW 100 million.

Violations of the 4 principles other than suitability and appropriateness (the duty to explain, the prohibitions on unfair business practices and unfair solicitation, and the advertising rules) can be subject to punitive penalty surcharges of up to 50% of the related revenue or similar. Separately, the company is liable to compensate consumers harmed by the violation.