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About the Process
Financial consumers dealing with a financial consumer dispute firstly file a complaint with the financial services enterprise.
  • Before filing an application for an ombudsman case with the FOI in accordance with the Financial Consumer Protection Act, a financial consumer shall first file a complaint with the financial services enterprise. The financial services enterprise is required to handle the matter appropriately within 30 days from receiving the complaint.
     
  • If the consumer is satisfied with the result, the dispute is resolved. If not, or the financial services enterprise does not respond within 60 days, the consumer can resort to the FOI to institute an ombudsman case.
     
  • After a financial consumer files an ombudsman case, FOI may initiate the mediation proceedings; once any party to the dispute declines to participate in the mediation proceedings, or reconciliation is reached during the mediation proceedings, FOI shall continue reviewing the ombudsman case.
     
  • As soon as both parties reach reconciliation during the mediation process, or both parties expressed in writing to the FOI to accept the condition of the mediation, the mediation is established, and the resolution for a dispute in progress shall be considered achieved.
     
  • The FOI shall prepare and convey the mediation statement which declares the result to both parties.
     
  • After the FOI entertains an application to institute an ombudsman case, the chairperson of the Ombudsman Committee shall appoint at least 3 Ombudsman Committee members as pre-examiners to carry out an inspection and prepare an inspection opinion.
     
  • After the FOI entertains an application to institute an ombudsman case, the FOI is authorized to require the financial services enterprise to state his arguments and provide relevant information. The procedure for an ombudsman case shall in principle involve a review of documents, but when necessary, the party to the dispute shall be given an opportunity to make a verbal statement before pre-examiners.
     
  • The Ombudsman Committee may render an ombudsman decision supported by the consent of at least one-half of the Ombudsman Committee members present at an Ombudsman Committee meeting attended by at least one-half of all Committee members.
     
  • In principle, an ombudsman decision shall be reached within 3 months of the application to institute an ombudsman case.
     
  • The ombudsman decisions of the FOI are binding on financial services enterprises up to certain amounts (NTD 1 million or less for investment-type products, and NTD 100,000 or less for non-investment type products).
     
  • If the financial consumer does not accept the decision, he/she may make an appeal to a court.



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