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About FOI

Financial Ombudsman Institution

The Government enacted the Financial Consumer Protection Act (FCPA) in 2011 to protect the interests of financial consumers and to fairly, reasonably, and effectively resolve disputes on financial consumer services, thereby reinforcing the confidence of financial consumers in markets and promoting sound development of financial markets. The Act was effective on 30th December 2011.


The Financial Ombudsman Institution (FOI) is established under the provisions of Chapter III and Article 13 of the FCPA as an independent incorporated foundation to fairly, reasonably, and effectively resolve disputes between financial consumer and financial services enterprise. The FOI is totally funded by the government with NTD 1 billion (€25,000,000) and governed by the Financial Supervisory Commission (FSC). The institution has officially started operation on 2nd January 2012. All the services to financial consumers are free of charge.


The FOI is governed by the Board of Directors. Board members are appointed by the FSC from among scholars, practitioners, and other impartial persons with expertise in financial service. Pursuant to the FCPA, no director or member of the Board of Directors shall intervene in the process of an individual ombudsman case. Currently, the Board comprises 9 directors.


In addition, the FOI has 2 supervisors. Supervisors are appointed by the FSC from among scholars, practitioners, and other impartial persons with expertise in financial service. Pursuant to the FCPA, no supervisor shall intervene in the process of an individual ombudsman case.


The FOI has established an Ombudsman Committee in accordance with the FCPA. All members are selected from among scholars, practitioners, and other impartial persons who possess relevant expertise or professional experience, and are appointed after their nominations have been submitted to and approved by the FSC. Ombudsmen are divided into three groups in line with their expertise, namely, banking, insurance, and securities and futures. The Committee currently comprises 20 Committee members, one of whom is the Committee Chair.

 

What Does FOI Aim For?

Establish an alternative system for dispute resolution with credibility

 




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