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FOI Leadership
Grace Mang-Chih Lee  Chairperson




  • Bachelor, Department of Law, National Taiwan University

  • 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.




Kuan-Chun Johnny Chang  Ombudsman Committee Chair and President

Kuan-Chun Johnny Chang Ombudsman Committee Chair and President

  • S.J.D.(with distinction) Georgetown University Law Center (2007)
  • LL.M. in Banking & Financial Law, Boston University (2002)
  • LL.M., University of Pennsylvania (2001)
  • M.B.A. National Chengchi University (2000)
  • LL.B. National Chengchi University (1997)

  • Professor (2015.02-present)
    College of Law, National Chengchi University (NCCU)
  • Associate Professor (2011.02-2015.01)
    College of Law, National Chengchi University (NCCU)
  • Associate Professor (2011.02-2015.01)
    Department of Risk Management and Insurance (RMI), National Chengchi University (NCCU)
  • Member (2012.01-2014.12)
    Ombudsman Committee, Financial Ombudsman Institution (FOI)
  • Member (2011.01-2012.01)
    Insurance Complaint and Mediation Committee, Taiwan Insurance Institute
  • Member (2010.01-present)
    Investment-Linked Insurance Products Review Committee, Financial Supervisory Commission (FSC)
  • Secretary General (2014-present)
    Taiwan Insurance Law Association
  • Member (2014.01-present)
    Corporate Governance Evaluation Committee, Taiwan Stock Exchange Corporation
Message from the Ombudsman Committee Chair and President 

The purpose of Alternative Dispute Resolution (ADR) is to provide a method other than litigation that is quick and effective, low cost, and flexible, to resolve disputes between parties regarding their rights and obligations under private law. It was in this spirit that the Financial Ombudsman Institution (FOI) was established in January 2012 to fulfill the purpose stated in Article 13 of the Financial Consumer Protection Act, "to handle financial consumer disputes fairly, reasonably, quickly, and effectively, thereby protecting the interests of financial consumers."

The financial consumer ombudsman scheme has the following features:

1. Efficiency

The Regulations Governing Ombudsman Procedures provide that the FOI must render an ombudsman decision within 3 months after accepting an ombudsman case. The deadline may be extended by 2 months at most. Procedurally, this is faster than ordinary litigation.

2. Low Cost

The FOI follows the scheme used by the Financial Ombudsman Service (FOS) of the UK in that all services to financial consumers are free of charge. This allows consumers to make extensive use of its alternative dispute resolution scheme to resolve financial consumer disputes.

3. Effectiveness

Pursuant to Article 29 and 30 of the Financial Consumer Protection Act, as the financial services enterprise has expressed through prior written consent of its intention to be bound by the ombudsman decision which involves disputes incurred from an investment type product with the amount of NTD 1 million or less, and disputes incurred from a non-investment type product with the amount of NTD a hundred thousand or less, once the ombudsman decision rendering the pecuniary award within the above-mentioned amount has been accepted by the consumer, the ombudsman decision becomes binding and the case is deemed resolved. The consumer may submit the ombudsman decision to the court and request for court's approval. Once the approval is rendered, the ombudsman decision will have the same effect as a final court decision. Thus, despite being fairly streamlined, the ombudsman procedure does not lack effectiveness.

4. Fairness and Reasonableness

The principle of fairness and reasonableness set out in Article 20 of the Financial Consumer Protection Act is one of the important features of the FOI’s ombudsman scheme. According to this principle, after weighing the rights and obligations of both parties to a case, the FOI may render an ombudsman decision that is more flexible than a court judgment, or, in the absence of applicable legal provisions, a decision based on the principles of equity and jurisprudence.

The robust functioning of its alternative dispute resolution scheme has enabled the FOI to resolve over 2,000 financial disputes (including complaints, mediations, and ombudsman cases) each year since its establishment in 2012. This number exceeds the number of cases resolved by courts at any level, highlighting the performance of the FOI while also demonstrating a maturing awareness among financial consumers that they can turn to the financial consumer ombudsman scheme to resolve disputes.

It is worth noting that, in January 2015, Article 13-1 was added to the Financial Consumer Protection Act. Pursuant to this Article, 20 or more financial consumers, in disputes with the same financial services enterprise based on the same facts and causes of action, may authorize a relevant institution to file a class action on their behalf with the FOI. This new scheme, which further enhances the functions of the financial consumer ombudsman, offers both new functions and new challenges to the FOI and will be a principle focus of its work in the future. We sincerely anticipate that, given the excellent foundation laid by our former Chairmen Kuo-Chuan Lin and Jan-Juy Lin, our former Ombudsman Committee Chairs Shyh-Ming Chiang and Yung-Cheng Chuang, and all our other colleagues, and with the leadership of our current Chairperson, Grace Mang-Chih Lee, our colleagues will raise the FOI to an entirely new level in its function as an institution for ADR.

Ombudsman Committee Chair and President






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