Korea's financial service industry, including banks, credit card, and insurance companies, saw their fee and commission income reach 60 trillion won last year. Some politicians called for the government to intervene in the financial market to lower the excessive level of financial fees and commissions, aimed at reducing the burden of ordinary citizens.
Others, however, claimed that the government leave the level of financial fees and commissions to the market.
Against this backdrop, the financial regulators started looking into the idea of introducing a "financial fee and commission adequacy review system," one of the pledges that President Moon Jae-in made during his presidential campaign.
The amount of fee and commission income earned by the financial service industry during the period from January 2013 to the first quarter of this year totaled 59.94 trillion won. Of the total, banks accounted for 45.3 percent or 27.17 trillion won.
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