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A Study of Financial Ombudsman
Date Issued
2014
Date
2014
Author(s)
Tai, Yu-Ju
Abstract
Attributing to the factors of the internationalization of the financial market, the complexity of the financial products and the occurrence of the financial crisis, the complaints regarding the financial consumption have largely increased these years, which implies the importance of the financial supervision and the consumer protection. To solve such problem, lots of countries drafted and enacted the financial reform legislations. In order to handle financial disputes, Taiwan has also established the "Financial Ombudsman Institution ("FOI")" on January 2, 2012, with legislative purpose of "To handle the financial consuming disputes fairly, reasonably and efficiently so as to protect financial consumers". However, the question of "whether the structure of the disputes settlement under the present Financial Consumer Protection Act is sufficient?" is what this thesis seeks to answer.
This thesis ("Thesis") compares the system of disputes settlement of United Kingdom, Singapore and Australia (collectively, "Analyzed Countries") through dividing the system into 3 steps. By establishing the standards of each step and taking such standards as the comparison basis, the Thesis may evaluate the differences between standards and the systems of the Analyzed Countries. The thesis not only explains each system of the Analyzed Countries, but also analyzes the effect of the differences so as to understand the directions to improve our system.
In conclusion, the Thesis believes our FOI works quite perfect in every respect and proposes the following suggestions for the consideration in the future.
For the organization perspective, it is suggested to "include the indemnification clause for the personnel of the FOI" to protect its independence and to take "the balance of accessibility and fee reasonableness" into consideration. To further explain the latter suggestion, it is to increase the will of consumers to use FOI as the method to settle disputes, whereas to charge consumers reasonable fees to maintain the operation of the FOI. For the process perspective, it is suggested to "establish the pre-handling process before the ombudsman committee" so as to ease the burden of the committee and maintain the good quality of their decision. In addition, it is advisable to extend the investigation power of the FOI by imposing the legal effect when the party refuses or delays to provide the required information to achieve the goals of information balance and consumer protection.
This thesis ("Thesis") compares the system of disputes settlement of United Kingdom, Singapore and Australia (collectively, "Analyzed Countries") through dividing the system into 3 steps. By establishing the standards of each step and taking such standards as the comparison basis, the Thesis may evaluate the differences between standards and the systems of the Analyzed Countries. The thesis not only explains each system of the Analyzed Countries, but also analyzes the effect of the differences so as to understand the directions to improve our system.
In conclusion, the Thesis believes our FOI works quite perfect in every respect and proposes the following suggestions for the consideration in the future.
For the organization perspective, it is suggested to "include the indemnification clause for the personnel of the FOI" to protect its independence and to take "the balance of accessibility and fee reasonableness" into consideration. To further explain the latter suggestion, it is to increase the will of consumers to use FOI as the method to settle disputes, whereas to charge consumers reasonable fees to maintain the operation of the FOI. For the process perspective, it is suggested to "establish the pre-handling process before the ombudsman committee" so as to ease the burden of the committee and maintain the good quality of their decision. In addition, it is advisable to extend the investigation power of the FOI by imposing the legal effect when the party refuses or delays to provide the required information to achieve the goals of information balance and consumer protection.
Subjects
金融消費者保護法
爭議處理機制
金融消費評議中心
金融公評人
金融爭議調解中心
澳洲金融公評人
Type
thesis
File(s)
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Name
ntu-103-R99a21112-1.pdf
Size
23.32 KB
Format
Adobe PDF
Checksum
(MD5):4f7d5136ebb941523821012eef091b2b