Consumer Basic Rights

Consumers are entitled to the following rights when they purchase products related to securities and Bancassurance at commercial banks.

Rights to receive correct information
  • Consumers shall be provided with clear clarifications for difference between core products and products related to securities and Bancassurance of commercial banks.
  • Consumers shall be provided with details of products, risks, returns such as the APR (Annual Percentage Rate) or IRR (Internal Rate of Return) and related assumptions.
  • Consumers shall be provided with accurate and appropriate marketing, promotional, and advertisement materials and information.
  • Consumers shall be provided with fact sheet of products related to securities and Bancassurance, which contains any special characteristics and risks of products described in concise and simple wording in compliance with the format determined by the Securities and Exchange Commission (SEC) and Office of Insurance Commission (OIC) for consideration and making purchase decision.
Rights to choose and purchase financial products and service with freedom
  • Consumers are entitled to the freedom of making investments. It is within their right to decline any purchases of products related to securities and Bancassurance.
  • Consumers are entitled to decline purchases of cross-selling of products related to securities and Bancassurance and products of commercial banks, which are to respect the consumer right to choose whether or not to purchase such products.
  • Consumers are entitled to either consent or decline disclosure of information as described in the letter of consent, which is separate from product purchase agreement.
Rights to claim for fair treatment
  • Consumers are entitled to file claims against any commercial bank branches which are point of sale of products related to securities and Bancassurance and they shall be provided with evidence that such claims are acknowledged by commercial banks.
  • Consumers may inquire information to ensure product understanding from selling bank’s call center.
Rights to receive compensation in case of damages
  • Consumers are entitled to compensation as deemed appropriate, provided that it is proven that commercial banks fail, deliberately or negligently, to comply with the guideline for product selling governance to the extent that consumers suffer damages.

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