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Directions for Banks Selling Financial Products to Customers Other Than Wealth Management Customers
FINANCIAL SUPERVISORY COMMISSION
From : Financial Supervisory Commission (“FSC”)
Date : July 21, 2005
Ref. No. : Jin-Kuan-Yin-(5)-Zi-0945000514
Attachment: As explanation 1.
Subject : The “Directions for Banks Selling Financial Products to Customers Other Than Wealth Management Customers” have been promulgated by the FSC order, dated July 21, 2005 (Reg. No. Jin-Kuan-Yin-(5)-0945000512). Please take note.
Explanation:
1. Enclosed please find the “Directions for Banks Selling Financial Products to Customers Other Than Wealth Management Customers”.
2. The Directions are effective from the date of promulgation. However, if a bank has sold financial products before the date of promulgation of the Directions, it shall adjust its handling procedures to comply with the Directions prior to August 1, 2006.
3. Pursuant to Article 3 and Article 8, Paragraph 2, of the Directions, the R.O.C. Bankers Association ("BA") shall, within one month, draft qualification requirements which bank personnel handling the sale of financial products shall meet and product suitability policies and submit same to FSC for approval. The adoption of the above qualification requirements which bank personnel handling the sale of financial products shall meet shall include an appropriate adjustment period for a bank to meet personnel qualifications to comply with the Directions.
4. To promote the training of bank personnel handling the sale of financial products, BA shall design appropriate training classes to improve such personnel’s professional abilities and report the contents of such training classes to FSC for approval.
5. To ensure the implementation of the Directions, a bank shall incorporate the content of the Directions into its internal control and audit items. Bank audit departments shall develop a full understanding of the Directions and incorporate same into internal audits. |