In light of the various disputes concerning financial products in recent years, the authorities have drafted a new act that requires the banks to fully explain all the risks involved, trying to protect consumers from unwise investments.

Hundreds of investors that lost money on structured notes staged a protest recently to accuse their banks of failing to explain their investment risk to them.

To address the high number of similar disputes that have arisen over the past two years, the Financial Supervisory Commission recently drafted the Financial Consumer Protection Act to process and settle credit card, cash card, debt-related, fund-related, structured note, insurance, and other investment-related disputes.

Once the act is prommulgated, bank employees that fail to fully explain investment risks to clients will be subject to fines. According to the FSC, the act will also be in effect for small-amount investment products to protect the rights of low-income consumers.

A public hearing will be held in the near future, and the draft will be forwarded to the Executive Yuan before the end of the year. The FSC hopes that the Legislative Yuan will pass the act quickly, and that it can be promulgated by next year.

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