[THE INVESTOR] Korea’s corporate watchdog said on Nov. 14 that it has ordered foreign online travel agencies to revise their unfair refund policies.

The Fair Trade Commission  said it has looked into provisions and clauses of four firms -- Agoda, Booking.com, Hotels.com and Expedia -- and discovered unfair terms that restrict the cancellation of contracts and refunds to customers.

Moreover, Booking.com and Hotels.com had provisions that the companies take no responsibility for offering false information on their websites, while Agoda kept their clients from seeking compensation for damages.

The watchdog said it has ordered them to revise the terms to let Korean customers cancel contracts and get refunds if they want. It said other unfair clauses have already been changed.

By Alex Lee and newswires (alexlee@heraldcorp.com)