FSC Regulates Financing and Leasing Companies; 86 Complaints Accumulated
NQ Score
97/100
AI Summary (NQ-processed)
Taiwan's Financial Supervisory Commission (FSC) announced a three-phase plan to bring financing and leasing companies under the Financial Consumer Protection Act, with 86 complaints and 2 mediation applications received so far. The first phase, effective September 15 last year, covered 13 companies under four listed groups: Chailease, Yulon Finance, Hotai Finance, and Jih Sun Leasing. The second phase, effective March 15 this year, added 13 companies invested by financial institutions. The third phase, expected September 15 this year, will include the remaining 13 members of the Taipei Leasing Commercial Association, totaling 39 regulated entities. Most complaints concern installment services and marketing, indicating the new regulations are showing effect.
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Frequently Asked Questions
- Q: What is the main purpose of the FSC regulating financing and leasing companies?
- A: The main purpose is to rectify irregularities in the financing and leasing industry, apply the Financial Consumer Protection Act (FCPA), protect consumer rights, and establish industry norms.
- Q: When did the regulation of financing and leasing companies begin, and how many phases will it be implemented in?
- A: The regulation began on September 15 last year and will be implemented in three phases. The final phase is expected to be completed on September 15 this year, with a total of 39 companies being regulated.