(한국글로벌뉴스 -박소연  기자)

Unlicensed Investment Advisor (Stock Investment Information) Services - Procedures for Damage Relief

Q. In the event of consumer damage in connection with the use of unlicensed investment advisor (stock investment information) services, which agency should I report it to?

A. Please report any losses related to contract terminations and early termination between consumers and unlicensed investment advisor services to the Korea Consumer Agency, and report stock price manipulations by unlicensed investment advisor services, illegal deposit taking, etc. to the Financial Supervisory Service.[오전1] 

1. Types of Reportable Circumstances to the Korea Consumer Agency[오전2] 

In the case that a consumer requests cancellations or contract terminations of  ongoing transactions, however, the business operator refuses to cancel the contract or refuses or delays refunds without a justifiable cause

In the case of the excessive deduction of penalties, beyond the standards of Consumer Dispute Resolution when a consumer demands an intermediate termination of the contract

In the case when the fee for the term of usage is calculated and deducted based on a daily fee arbitrarily determined by the business operator (calculated based on the market price, not the contracted price)

In the case of excessive deduction in an early termination when educational materials, such as videos and document files, are misunderstood as free provisions

2. Type of Reportable Circumstances to the Financial Supervisory Service[오전3] 

The act of selling stocks at a high price after recommending the sale of stocks based on false or exaggerated information

The act of obtaining unfair profits by recommending stocks that the unlicensed investment advisor has purchased in advance, urging members to buy them, then disposing of the holdings when the stock price rises

The act of accepting an investment fund with a promise of high returns by operating the funds on behalf of the investor.

The act of not issuing the stocks to the member after selling the stocks owned by the unlicensed investment advisor  or a third party (including cases where only the storage certification is issued)

The act of loaning investment funds, such as stocks, or brokering a loan from a third party.

The act of providing one-on-one investment advice, such as consulting on specific stocks, through email, texting, chat applications, etc.

(※ Citation of Consumer Information from the Korea Consumer Agency)

Cheol-ok Sohn, CEO Green Consumer Agency Gyeonggi Branch