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 Organisation for Economic Co-operation 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 Taiwan gradually becomes an aging society, the financial industry is responsible for providing convenient financial services to pay attention to the elderly and must actively protect their rights to minimize potential risks for the elderly. Bank SinoPac, SinoPac Securities, and SinoPac SITC continue to implement the principle of treating customers fairly and providing friendly 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" to ensure that in providing products and services to customers, they can 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, and continues to implement measures to deeply embed the culture of treating customers fairly and strengthens system monitoring and information security through three lines of defense, including business units, compliance and risk management, and audit. The Principle for Treating Customers Fairly becomes 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 and thereby implement the customer protection and achieve sustainable development.