FTC head vows stern action against unfair practices burdening people
SEOUL, Oct. 12 (Yonhap) -- The head of South Korea's antitrust watchdog said Mon...
Seoul, October 12 - The head of South Korea's antitrust watchdog has vowed strict action against unfair market practices that exacerbate financial hardships for individuals. Ju Biung-ghi, director of the Fair Trade Commission (FTC), made these comments during a parliamentary review at the National Assembly, emphasizing the agency's commitment to overhaul policies to curb such abuses.
To tackle entrenched price-fixing in the market, the FTC plans to implement stronger measures, such as revoking registrations from businesses that repeatedly participate in price-fixing, seeking business suspensions, or mandating price resets. Ju further stated that the commission will take proactive steps to address unfair practices in sectors directly impacting people's daily lives, including weddings, leisure, and funeral services.
The FTC aims to give a louder voice to vulnerable groups like small businesses and the self-employed, striving to create a fair competition environment where all market players can compete on equal footing and receive just compensation. The watchdog will intensively monitor power abuses by platform operators, including online marketplaces, delivery and accommodation apps, and meticulously review mergers to maintain fair competition.
Regarding conglomerates, Ju affirmed the FTC's resolve to lessen the nation's economic reliance on major business groups while proactively identifying and addressing any unfair practices. Ju concluded that the FTC will act decisively against abuses by dominant market players, enabling businesses to concentrate on their operations and technological advancements.
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- FTC head vows stern action against unfair practices burdening people koreatimes.co.kr
