Line Bank report on crash not satisfactory: regulator
By Kao Shih-ching / Staff reporter
A report by Web-only Line Bank Taiwan Ltd (連線商業銀行) explaining why its information system crashed on the first day of operation was not satisfactory and the Financial Supervisory Commission (FSC) would demand that the bank improve its operations, commission Chairman Thomas Huang (黃天牧) said yesterday.
The commission on April 23 asked the virtual bank to submit a report on the crash and the lender has submitted it, Huang told a meeting of the legislature’s Finance Committee in Taipei.
“However, we cannot completely accept the report,” Huang said.
Signage for Line Bank Taiwan Ltd is displayed at the company’s headquarters in Taipei yesterday.
FSC to inspect sales of financial products to seniors
RISK-AVERSE GROUP: The commission would look into whether the designated banks, insurers and credit unions have sold high-risk financial products to seniors
By Kao Shih-ching / Staff reporter
The Financial Supervisory Commission (FSC) would inspect 25 companies to see if they have contravened regulations while selling products to senior citizens, commission Chairman Thomas Huang (黃天牧) said yesterday.
The commission selected 10 banks, six credit unions, six insurance companies and three securities companies for examination following a preliminary assessment, Huang told a meeting of the legislature’s Finance Committee in Taipei.
The commission would look into whether the companies have sold large amounts of high-risk financial products, such as high-yield bonds with low ratings or stocks-linked funds, to people over 65, Financial Examination Bureau Deputy Director-General
Banks’ combined pretax profits grow 76%
By Kao Shih-ching / Staff reporter
Local banks’ combined profit grew in March, for the first time since May last year, thanks to an increase in investment gains and interest income, data released by the Financial Supervisory Commission on Thursday showed.
The banks’ combined pretax profits grew 76 percent year-on-year to NT$32 billion (US$1.15 billion) in March, ending 10 consecutive months of annual declines, the data showed.
Banks recorded an annual increase of NT$14.25 billion in combined investment gains as financial markets boomed, while their net interest income rose by NT$1.4 billion, the data showed.
A Financial Supervisory Commission sign is pictured in an undated photograph in New Taipei City. The commission reported on Thursday that local banks’ combined pretax profits grew 76 percent year-on-year to NT$32 billion (US$1.15 billion) in March, ending 10 consecutive months of annual declines.