Lee & Ko provides one-stop services regarding corporate governance, business and investment, regulatory compliance, and financial disputes related to non-banking financial companies, based on its extensive experience in handling various matters and its pool of professionals with expertise in the field of non-bank financial companies.

Specifically, we provide legal advice to credit card companies, capital companies, savings banks, mutual finance associations, consumer lending companies, and their major shareholders on the incorporation of non-banking financial companies as subsidiaries of financial holding companies and conversion into other financial holding companies, establishment or acquisition of non-banking financial companies, issues related to financial-related laws and individual industry-specific laws, provision of financial products and services, introduction of accountability frameworks and improvement of internal control systems, various inspections and sanctions by supervisory authorities, and disputes and litigation involving financial consumers or investments.

Recently, we advised on internal control improvement, one of the major issues in the financial industry, including conducting internal control diagnosis and improvement projects (for savings banks and capital companies), advising on the establishment of accountability frameworks and accountability management systems (for capital companies), and consulting on IT self-assessment checklists for savings banks. We have also provided advisory services related to the Fourth Industrial Revolution and fintech, including legal advice on small-value foreign currency remittance business for credit card companies and various electronic financial businesses for electronic financial business operators. In addition, we have provided a significant amount of legal advice on financial disputes and litigation related to proprietary investments by financial companies, which are increasing due to financial instability and economic uncertainty, as well as on investigations, inspections, and sanctions by financial supervisory authorities.

Lee & Ko strives to provide timely and comprehensive solutions that are of practical help to clients, based on its broad understanding and concrete experience regarding the unique issues of non-bank financial companies.

Major Cases

[Credit Card Companies]

Advised on responding to the Personal Information Protection Commission’s investigations of credit card companies
Advised a card company regarding response to the Financial Supervisory Service’s conciliation on installment financing
Advised on the domestic payment and acquisition of credit cards issued overseas by credit card companies
Advised a domestic card company regarding foreign currency money transfer for small payment

[Capital Companies]

Conducted a project of diagnosing and improving the internal control level of a capital company
Advised on the establishment of an accountability framework and accountability management system for a capital company.
Advised on strategy for financial disputes of a capital company and represented in related litigation.
Advised a capital company regarding guarantee of payment associated with insurance companies
Advised a Swedish financial group regarding lease in Korea and registration of installment financing business

[Savings Banks]

Conducted a project of diagnosing and improving the internal control level of savings banks
Consulted on the IT self-diagnosis checklist for savings banks
Advised a savings bank regarding introduction of foreign remittance service for small sum

[Common & Other Segments]

Advised on the sale of PF loans, voluntary agreement, etc.
Advised on the enactment of the Personal Debtor Protection Act and the amendment to the Loan Business Act
Advised a domestic investment company regarding the Financial Services Commission’s rights in relation to P2P loans
Advised a loan company regarding response to financial authorities’ inspection and sanctions
Represented a credit information company in a lawsuit regarding information leakage