South Korea plans tougher measures against repeat price fixing

South Korea’s Fair Trade Commission is preparing stronger measures against repeat price fixing, its chairman Ju Biung-ghi told a parliamentary audit on October 12.

The proposals include revoking business registrations, suspending operations and creating a legal basis for orders requiring companies to reset prices. Ju presented these as policy changes the watchdog intends to pursue, rather than penalties already imposed on particular companies.

The commission will also target unfair practices in wedding services, leisure and funerals. Ju said protecting small businesses and the self-employed would be part of its efforts to address unequal bargaining power.

Online marketplaces and delivery and accommodation apps will face scrutiny over abuses of their position. The regulator also plans to review platform mergers for their effects on competition and monitor unfair practices by large business groups.