An aerial view of Seoul’s financial district of Yeouido in fall / Courtesy of Seoul Tourism Organization
By Yi Whan-woo
Securities firms seek to draw new customers in the booming pension market that is largely dominated by banks, on the occasion of a new regulation that will take effect Thursday.
The regulation will allow customers who have a retirement plan to freely switch to a new company to manage the corresponding amount of money they have invested.
For customer convenience, the regulation states that they will not need to discontinue the plan, including installment savings, funds or insurance, and start a new one with the company they switch to.
“The fact that customers can keep their current plan while freely switching to a new…
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