The Fair Trade Commission(FTC) has launched a large-scale on-site inspection to identify attempts by mobile operators and financial institutions to limit competition.

The commission on Monday sent investigators to the nation’s top three mobile operators SKT, KT and LG Uplus, as well as to key banks, including Shinhan, KB Kookmin, Woori and Hana.

The move comes four days after FTC chair Han Ki-jeong briefed President Yoon Suk Yeol on the commission’s plans to trigger competition in the financial and communication sectors.

Han vowed to take stern measures to handle damage suffered by consumers resulting from restrictive competition, which the agency blamed on a handful of companies in the financial and communication sectors dominating the market and creating an oligopolistic market structure.

To address the matter, the commission said it will correct clauses that are unfair for consumers in the terms and conditions of the three mobile operators and major banks.

After the briefing by the FTC, Yoon ordered the agency to devise ways to repress exploitative activities in oligopolistic market structures to lessen the public's burden.