| Summary: | 碩士 === 國立政治大學 === 法律學系 === 107 === Robo-advisors offer investors access to personalized investment management services at low cost and with low barriers to entry. Robo-advisors have flourished in recent years in a world where governments are open to FinTech development and young people rely heavily on the Internet. At present, there is no specific method to deal with Robo-advisors in Taiwan, however, from the perspective of international competition and the overall development of the industry, Robo-advisors are indeed an important topic of FinTech innovation, and the risks it may generate should not be underestimated.
Based on the possible disputes arising from the application of Financial Consumer Protection Act by Robo-advisors, this paper proposes the following questions, which are respectively “the connotation of the fiduciary duty of the financial consumer protection act, whether the fiduciary duty can be fulfilled, how the fiduciary duty can be adjusted, the regulation of risks and conflicts of interest, and the protection of financial consumers.”. Through the legislative reasons of relevant laws and regulations, practical judgment opinions, analysis of domestic and foreign scholars' literatures and comparative laws, including the United States and the United Kingdom, etc., as the main research methods, this paper draws on the views of other countries' regulatory authorities, and then puts forward personal suggestions on the above issues for the reference of legislators and competent authorities.
In conclusion and suggestions, this paper argues that the duty of care of fiduciary duty is the fulfillment of the suitability obligation and duty of disclosure, and the disclosure of information can be regarded as a part of the duty of loyalty. Through legal interpretation or modify the regulations, and then adjust or define Robo-advisors’ fiduciary duty, the competent authority should also aim at the service mode of Robo-advisors, to review the past for the traditional investment advisers regulations, and make up the lack of Securities Investment Trust & Consulting Association of the R.O.C. Guidelines for Securities Investment Consulting Services of Securities Investment Consulting Enterprises (SICEs) with Automated Tools (Robo-Advisor), improve the algorithms supervision and risk disclosure requirements, which allow it to financial market stability and operation, to reach the balance between promoting financial innovation and protecting financial consumers.
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