A Study of Financial Consumer Protection Act- Focus on Insurance practice complaint

• Main Authors: Chiang kuo chih, 江國誌
• Other Authors: 林育廷
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/97k8c9

碩士 === 逢甲大學 === 財經法律研究所 === 104 === The legislation of Financial Consumer Protection Act (FCPA) sets clear rules for the connotation of responsibility exploited by the past scattered administrative rules. It regulates that the liability of a financial services enterprise to a financial consumer shall not be limited or exempted by prior stipulation; that a financial services enterprise shall apply good faith and the due care as of a good administrator and fiduciary duty ; setting clear rules of the content of a financial services enterprise, in publishing or broadcasting advertisements or carrying out solicitation or promotional activities ; ascertaining the suitability of those products or services to the financial consumer ; liable to fully explain and disclose the associated risks as well as the liability for damages. Prior to the implementation of FCPA, the oversight of the consumer complaint toward to insurance dispute by government regulatory agency was based on the number of complaints and how soon each case was being processed. After the implementation of FCPA, the Financial Ombudsman Institution (hereinafter referred to as the Institution) is established and the Institution employs a comprehensive score calculated on the basis of each reviewed case to grade and monitoring purpose. The Institution is a fee based service and after several amendments, the Institution currently is using two fee systems that are implemetned in 2015 and 2016. In this study, we review and evaluate the overall efficiency of the Institution. In this study, we also survey insurance company personnel about their attitudes and understanding towards the comprehensive score employed by the Institution and final decision made by the Institution. We also index ‘’Financial Ombudsman Institution’’ from the Law & Regulations Database of The Republic of China（法源法律網) to identify cases mediated by the Institution using the fee system implemented in 2016 to examine the difference between the court judgment and the Ombudsman decision made by the Institution. Finally, with the reduction in caseload, the rise of service fee is predictable. Since FCPA requires collecting annual fees and service fees from financial service enterprises, it is bound to affect their desire to use the Institution to mediate the insurance dispute. The study summarizes and puts forward the relevant conclusion and suggestion towards future direction of FCPA and Institution.