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FOI Leadership
Grace Mang-Chih Lee  Chairperson

 董事長照片


Education:

 

  • Bachelor, Department of Law, National Taiwan University

Experience:
  • Director General, Insurance Bureau, Financial Supervisory Commission
  • Chief Secretary, Financial Supervisory Commission
  • Director General, Department of Legal Affairs, Financial Supervisory Commission
  • Director, Department of Legal Affairs, Central Deposit Insurance Corporation
  • Senior Executive Officer, Legal Affairs Committee, Executive Yuan
  • Section Chief, Legal Affairs Committee, Executive Yuan 
 


Message from the Chairperson

Financial products and services are becoming increasingly diverse and ever more complex and specialized. These changes have resulted in a real asymmetry between financial consumers and financial services enterprises in terms of financial strength, information, and expertise. In the event of a financial consumer dispute, the consumer may find that seeking a remedy through litigation is not worth the cost in time and money. Although alternative dispute resolution (ADR) schemes have been developed, the majority of schemes lack a legal basis. The global financial crisis in 2008 gave rise to numerous financial consumer disputes in Taiwan. For this reason, it is necessary to provide financial consumers with a unified dispute resolution mechanism.


To thoroughly and effectively protect financial consumers' rights and interests, Taiwan passed the Financial Consumer Protection Act (FCPA) in 2011. The Financial Ombudsman Institution (FOI), which formally began operations on 2 January 2012, was established pursuant to the FCPA and is entirely funded by the government. Its objective is to enable the efficient resolution of conflicts between financial consumers and financial services enterprises. The FOI is an ADR scheme whose mission is to protect the interests of financial consumers. At present, the FOI has a dispute resolution rate of greater than 60 percent. This result shows that the FOI effectively resolves the financial consumer disputes in its function as an institution for ADR.


In the future, the FOI will continue to fulfill the purposes of the FCPA; to resolve financial consumer disputes in a fair, reasonable, and effective manner to protect the rights and interests of financial consumers; and to implement education and awareness programs for financial consumers so as to prevent financial consumer disputes. Furthermore, the FOI is committed to continuously reinforcing the confidence in the markets, facilitating the sound development of the financial markets, and doing its best to create a win-win situation for the financial consumers, the FOI, and the financial services enterprises.


Chairperson


 

 

 
 


 

 

 

 

 




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