Customer Relations
Treating Customers Fairly
After the global financial crisis in 2008, countries around the world became more concerned about the protection of financial consumers, in order to rebuild the confidence of financial consumers in the financial services industry. After the Organization for Economic Cooperation and Development (OECD) passed the "G20 High-Level Principles on Financial Consumer Protection Principles" in 2011, Taiwan amended and promulgated an amendment to the "Financial Consumer Protection Act" in 2015, adding provisions to strengthen the protection of financial consumers, administrative control measures, and penal provisions. The Financial Supervisory Commission followed by announcing the "Principle and Strategy for Treating Customers Fairly". The regulations and principles all stress that financial service providers must treat financial consumers in a fair and reasonable way in the transaction process for financial products or services, and must ensure the quality of services, implement customer protection, and increase communication and interaction with customers. Financial service providers are also required to strengthen information disclosures for customers and continue to improve customers' experience through diverse communication channels.
As the elder population in Taiwan gradually increase, the financial industry not only shoulder the responsibility of providing elderly people with convenient financial services, but also need to pay attention to rights protection and lower the risks they might face. Bank SinoPac, SinoPac Securities, and SinoPac SITC implements the principle of treating customers fairly in three major areas including treating customers fairly, user-friendly financial services, and accessible financial services.
The principles of treating customers fairly
Culture Establishment and Promotion
Subsidiaries of SinoPac Holdings established rules and regulations relating to the "Principle for Treating Customers Fairly", in order to ensure that the products and services provided to customers are able to treat customers fairly from design, advertising, sales, contract performance, to service advisory.
SinoPac Holdings and its subsidiaries all take financial consumer protection very seriously, and view the Principle for Treating Customers Fairly as the core principle of their corporate culture, becoming the value system and code of conduct all companies comply with. The principles provide a basis for employees to protect customer rights and interests, and also strengthen compliance with financial consumer protection related laws and regulations, increasing consumer confidence in the Company to achieve sustainable development.