| Summary: | 碩士 === 輔仁大學 === 財經法律學系碩士班 === 106 === After the US Subprime Mortgage, there was a series of financial disputes between financial consumers and financial services enterprise. Because there is an extremely difference of litigation between financial consumers and financial services enterprise, there is a dispute of carrying out the contract. Therefore, it is necessary to make a law to protect financial consumers. The Legislative Yuan in Taiwan promulgated the Financial Consumer Protection Act (“The Act”) after three readings in 2011, later was announced by the President on 29 June, 2011 and took its effect on 30 December, 2011. The Act is specifically brought to protect the interests of financial consumers, and to fairly, reasonably, and effectively deal with financial consumer disputes. The Act aims to reinforce the confidence of financial consumers in the markets and ensure the sound development of the financial markets.
According to the Act, when encountering a financial consumer dispute, a financial consumer must filing a complaint to the Financial Ombudsman Institution (FOI). Then the FOI shall handle the dispute appropriately within 30 days upon the date the complaint is registered, and shall notify the financial consumer its disposition. If the financial consumer does not accept the disposition or the financial service enterprise fails to approach the matter before the 30 days limit, financial consumers may apply to the FOI to institute ombudsman cases for review within 60 days of either the day receives notification of the disposition or the day the time limit expires. When financial consumers file a complaint to the FOI, it shall refer the complaint to the financial services enterprise for a further handling. After financial consumers apply to ombudsman cases, the FOI may try to mediate; If the mediation doesn’t established, the ombudsman committee need to hear the ombudsman case and made decision. If the financial consumer doesn’t accept the appraisal decision, he may file a lawsuit.In contrast, traditionally these disputes must be resolved through civil litigation system, which usually lasts long and consumes a great deal of legal fees.
This paper is the survey attempting to examine the protection of the financial consumers by the Financial Consumer Protection Act and discussing the current situation of the operation of the FOI.Trying to analyze the development of the financial consumer protection legal system in other countries, hoping to understand whether the Act is sufficient to protect the financial consumers and promote the sound development of financial market.
|
|---|
