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The Financial Ombudsman Institution shall not handle complaints about credit ratings
Frances Hsieh/Hsiao-En Teng
The Financial Ombudsman Institution has been operating since 2 January 2012. Disputes between individual financial consumers and banks where no settlement can be reached through banks' internal complaint handling process may be submitted to the Financial Ombudsman Institution by such financial customers for ombudsman service.
However, according to paragraph 2 of Article 24 of the Financial Consumer Protection Act, where any of the situations listed below exists regarding a dispute submitted for ombudsman service, the ombudsman body shall not entertain the application unless the situation can be corrected where the ombudsman body shall notify the financial consumer to make correction first:
1.
The application was not filed properly.
2.
The matter is not a financial consumer dispute.
3.
The applicant did not first file a complaint with the financial services provider.
4.
Not more than 30 days have passed since the filing with the financial services provider where the complaint is going through the financial services provider's internal handling process.
5.
The application was submitted where the statute of limitation has expired.
6.
A party to the dispute lacks standing.
7.
The matter was previously submitted for ombudsman service in accordance with this Act and the case was dismissed.
8.
A final and irrevocable court judgment has been rendered on the matter submitted for ombudsman service, or a mediation, ombudsman, compromise, conciliation, or arbitration procedure has resulted in a successful resolution of the matter.
9.
Other situations as may be specified by the competent authority.
According to the FSC letter Ref. No. Jin-Guan-Fa-Ji-10200546450 dated 29 March 2013, the “Other situations as may be specified by the competent authority" in subparagraph 9 of Paragraph 2 of Article 24 mentioned above include consumer complaints purely about credit ratings. Therefore, the ombudsman body shall not entertain any application submitted by a financial consumer relating to dispute purely about credit ratings.
