萬國法律事務所

Taiwan’s Banks Association has discussed the relevant rules for implementing the newly passed Consumer Financial Protection Law. According to the draft rules, banks are bound by the recommendation of the designated Commission of Banks Association with respect to disputes regarding derivatives or structured financial products amounting to NT$ 500,000 or less. The same rule should apply to the disputes regarding other financial products when the amount is NT$ 200,000 or less, and applies to disputes regarding non-investment services, such as savings, remittance, and credit cards, when the amount in dispute is NT$ 50,000 or less.

In 2008, nearly 70,000 cases in Taiwan related to the bankruptcy of Lehman Brothers were reviewed by the designated Commission of Banks Association. While most of the banks agreed to follow the recommendation made by the Commission, there are still several cases where a bank refuses to follow the decision of the Commission. As such, the Banks Association expects that the new rules will help customers solve relevant financial disputes with banks in a more efficient way.