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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


 

 

 
Chun-Hsiung Cho  Ombudsman Committee Chair and President

Ombudsman Committee Chair and President
Education:

  • Ph.D. Tunghai University (Taiwan)

Experience:
  • Professor
    Department of Law, Tunghai University
  • Director
    The Research Centers of Commercial Law, Tunghai University
  • Member
    Ombudsman Committee, Financial Ombudsman Institution
  • Member
    Life Insurance Product Review Committee, Insurance Bureau, Financial Supervisory Commission
  • Member
    Non-Life Insurance Product Review Committee, Insurance Bureau, Financial Supervisory Commission
 
Message from the Ombudsman Committee Chair and President 

The purpose of the Financial Ombudsman Institution (FOI) is to provide an Alternative Dispute Resolution (ADR) scheme in order to handle financial consumer disputes fairly, reasonably, quickly, and effectively, and thereby to protect the interests of financial consumers. According to the Financial Consumer Protection Act (FCPA), the missions of the FOI are to handle financial consumer disputes and to conduct financial education and awareness programs.


In handling financial consumer disputes, our financial consumer ombudsman scheme has the following features:

1. Professionalism

The Ombudsman Committee comprises scholars, practitioners, and impartial persons who possess relevant expertise or professional experience in banking, insurance, and securities and futures and may render an impartial and independent ombudsman decision in keeping with the principles of fairness and reasonableness.
 

2. Efficiency

In principle, an ombudsman decision shall be reached within 3 months of the application to institute an ombudsman case. The FOI resolves around 1,800 financial consumer disputes (including mediations and ombudsman cases) each year and also closes cases faster than do the courts, requiring an average of just around 41 days to case closure. It can save financial consumers much time.
 

3. Certain Amount

The ombudsman decision involves disputes incurred from an investment-type product with the amount of NTD 1 million or less, and those incurred from a non-investment type product with the amount of NTD 100,000 or less. Once the ombudsman decision rendering a pecuniary award within the above-mentioned amount has been accepted by the consumer, the ombudsman decision becomes binding and the case is deemed resolved. This method further protects the rights of the financial consumer.
 

In conducting education and awareness programs, the FOI has, since its establishment, set as its main objectives the promotion of both the FCPA and the dispute resolution mechanism. To meet these objectives, it has conducted a range of awareness programs aimed at consumers and financial services enterprises and held related conferences and seminars in cooperation with community groups, institutions and schools. The FOI enhances financial literacy through diverse channels, including digital media and outdoor events, thereby effectively preventing financial consumer disputes.
 

The complexity of financial products and services is directly related to the role we play. The FOI will strive to integrate consumer service resources, enhance our dispute resolution services in the early stages of the complaint and mediation procedure, and improve the quality of the ombudsman service. The FOI will also strive to select case studies close to the target audience as education and awareness materials so as to convey to financial consumers a sense of the content, and we will also strengthen our education and awareness outreach to awareness to women, indigenous people, the elderly, and people in rural areas. Furthermore, the FOI will add new types or material deficiency cases to the discussion to enhance the breadth and depth of awareness.


The Legislative Yuan passed the Financial Technology Development and Innovative Experimentation Act on December 29, 2017. Disputes arising from such innovative financial experiments will be handled by the FOI. Such experiments will further offer the FOI new functions and challenges and will be a principle focus of our work in the future. Looking forward, I sincerely anticipate that the FOI will continue to improve on our operational efficiency and quality. Under the leadership of our current Chairperson, Grace Mang-Chih Lee, all my colleagues will collaborate to start a new page in the annals of the FOI.


Ombudsman Committee Chair and President




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