The country’s financial regulator has asked a dozen big-tech platform companies to abide by consumer laws. 

The Financial Services Commission(FSC) on Thursday ordered 13 companies, including Kakao and Naver, to make more efforts to protect financial consumers rather than benefit from exemptions in the pursuit of innovation. 

The FSC then warned that it will sternly deal with the firms if they fail to address their violations of regulations. 

The FSC earlier said that KakaoPay and Naver Financial's investment product comparison services violated the Financial Consumer Protection Act.

Meanwhile, Kakao and Naver saw their share prices plunge for the second day on Thursday following the announcement of a government plan to enhance financial regulations on big-tech platform companies.