Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with officials from related organizations and financial industry groups on October 8 to check readiness for implementing the Personal Credit Management and Debtor Protection Act, which is scheduled to take effect from October 17. Since promulgation of the law in January this year, authorities have worked to prepare subordinate rules and regulations, best practice guidelines, frequently asked questions, and relevant document forms. The Personal Credit Management and Debtor Protection Act aims to facilitate direct consultation and engagement between financial companies and debtors for the resolution of personal debt problems, ease the burden of overdue interests, prevent excessive debt collection practices, and strengthen rules on sales of debt and individual debtor protection. With the implementation of this law, Vice Chairman Kim said that financial companies will be more encouraged to provide debt adjustment service on their own to enable debtors to regain footing economically. In this regard, authorities plan to set up and operate a taskforce to ensure a seamless implementation of the new law. To this end, Vice Chairman Kim also urged financial companies to actively take steps to set up proper internal control mechanisms and provide training to their own staff.