The Financial Supervisory Commission (hereinafter, the “FSC”) announced the stipulation of the specific amount under Article 24, Paragraph 3 of the Statute for the Development and Innovation Experiments of Financial Technologies via the Jin-Guan-Fa-10701087080 Circular of June 20, 2018 (hereinafter, the “Circular”), and the amount came into effect on the day of the announcement.
Article 24, Paragraph 1 of the Statute for the Development and Innovation Experiments of Financial Technologies provides: “In case of a civil dispute arising between an applicant and a participant over a financial product or service provided by the applicant, the participant may file a complaint with the applicant in accordance with Article 13, Paragraph 2 of the Financial Consumer Protection Law, and apply to the Financial Ombudsman Institution (“FOI”) for assessment services. Article 13-1, Paragraph 5 of Article 15, Paragraph 3 of Article 17, Paragraph 1 of Article 18, Articles 19 – 28, Paragraphs 1 and 2 of Article 29, Article 30 and Article 32-1 of the Financial Consumer Protection Act shall apply mutatis mutandis to the aforementioned complaint filing, application for ombudsman service, and dispute handling.” To wit, with respect to civil disputes arising from participation in the development and innovative experiments of financial technologies, a financial service enterprise may be caused, in accordance with the Financial Consumer Protection Law, to agree in writing (or indicate its willingness in its product or service contracts or other documents) in advance that the dispute resolution procedure under the Financial Consumer Protection Law shall apply and shall direct accept an assessment decision rendered by the FOI to compel a payment or property value below a certain amount to the financial consumer. This also applies if the financial consumer is willing to reduce such amount or property value to a certain amount when the assessment decision exceeds a certain amount.
The specific amount set forth in the above-mentioned requirement should be determined and announced by the FSC pursuant to the authorization under Article 24, Paragraph 3 of the Statute for the Development and Innovative Experiments of Financial Technologies. In this Circular, the FSC has officially announced that such specific amount shall be NT$100,000. To wit, when the assessment procedure under the Financial Consumer Protection Law applies mutatis mutandis to civil disputes arising from financial products or services between an applicant and participant of an innovative experiment, the applicant of the experiment shall accept an FOI’s assessment decision that compels the applicant to pay an amount or property value below NT$100,000 to the participant of the innovative experiment.