FTC head vows stern action against unfair practices burdening people
The head of Korea's antitrust watchdog said Monday his agency will take stern action against unfair market practices, such as price fixing, that add to people's financial burdens. Ju Biung-ghi, head of the Fair Trade Commission (FTC), made the remarks during a parliamentary audit at the National Assembly, noting the watchdog will work to revamp policies to root out such abuses. "To fundamentally…
The head of Korea's antitrust watchdog agency, Ju Biung-ghi, pledged on Monday that his organization would take strong action against unfair market practices that exacerbate financial hardships for consumers. Speaking during a parliamentary audit at the National Assembly, Ju outlined the commission's commitment to overhauling policies to eradicate such abuses.
To comprehensively tackle entrenched price fixing in the market, the FTC plans to devise more effective policy measures, such as withdrawing the registrations of businesses that engage in repeated price fixing, imposing business suspensions, or mandating companies to revise their prices. Ju emphasized that the commission will actively address unfair practices in sectors that significantly impact people's daily lives, including the wedding, leisure, and funeral industries.
The FTC's policy objectives include providing a stronger voice to vulnerable groups, such as small businesses and self-employed individuals. To rectify the power imbalance among market participants, the agency aims to create an environment conducive to fair competition.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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