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