Taiwan intensifies financial consultant oversight amidst theft reports

Fines for thefts committed by financial consultants since 2012 hit $2.78m.

Taiwan will keep a close watch over how banks manage their financial consultants as a response to another alleged financial theft, reports Taipei Times. The issue will be looked into by the country's regulatory body, Financial Supervisory Commission (FSC) during its next financial examination.

The agency observed that about 24 thefts attributed to financial consultants from 17 banks have been recorded since 2012, with fines reaching $2.78m (NTD86m). Amongst the local banks, the Bank of Kaohsiung was slapped with the highest fine totalling $450,000 (NTD14m). The bank is followed by the Land Bank of Taiwan, Standard Chartered Taiwan, and Taiwan Fubon Bank, with fines worth $230,000 (NTD7m), $290,000 (NTD9m) and $190,000 (NTD6m), respectively.

The FSC noted that the 24 consultants have been fired by their banks in accordance to the Banking Act. However, erring consultants could still return to the banking industry after five years, according to the bureau.