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…
Korea's antitrust watchdog, the Fair Trade Commission (FTC), pledged on Monday to rigorously combat unfair market practices that burden citizens financially. Ju Biung-ghi, the FTC head, made this statement during a parliamentary audit at the National Assembly. The watchdog aims to overhaul policies to combat deeply entrenched price fixing in the market.
To tackle this issue effectively, the FTC plans to implement stronger measures, such as revoking registrations of businesses that repeatedly engage in price fixing, seeking business suspensions, or ordering companies to reset their prices. This multi-faceted approach seeks to fundamentally address the root causes of such exploitative practices.
Furthermore, Ju emphasized that the commission will take proactive steps to address unfair practices in sectors closely tied to people's daily lives, including the wedding, leisure, and funeral industries. He added that the FTC's policy goals extend to giving vulnerable groups, such as small businesses and the self-employed, a more prominent voice in the market.
In an effort to level the playing field among market players, the FTC aims to create an environment where they can compete fairly. This includes establishing policies that empower these groups and prevent the concentration of power in the hands of a few dominant businesses.
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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