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Biz News Korea(Eng)
S. Korean home shopping channels to sell domestic vehicles from 2018
- Collected
- 2016.11.15
- Distributed
- 2016.11.16
- Source
- Go Direct
According to the Financial Services Commission (FSC) on Monday, it will amend its insurance supervision regulation to allow the country’s four TV home shopping networks - CJ, Hyundai, Woori, and GS - to not only sell used and import vehicles but also domestic cars. Under current law, TV home shopping channels are prohibited from selling Korean-made vehicles because insurers cannot sell cars at the same time. Local home shopping channels are authorized to market insurance policy.
The regulation banning domestic car sales is aimed at preventing home shopping networks from bundling insurance policy while selling cars.
The FSC, however, has decided to lift the ban taking into account growing criticism that the current regulation excludes used and import cars but only domestic vehicles, which is “reverse discrimination.”
The country’s financial regulator had first announced the revision plan on May 18 and planned to enforce the change in June but the plan was put on hold due to opposition from the labor union of Hyundai Motor Co., the country’s largest automaker, which raised concerns over the impact on its own dealership activities. Taking concerns into consideration, the FSC has delayed enforcement of the revision to 2018.
By Chung Seok-woo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]