The Financial Supervisory Commission (FSC) leaves much to be desired in demonstrating efficiency and consistency when carrying out its duties, participants at a seminar on financial reform said yesterday.
Chinese Nationalist Party (KMT) Legislator Chiu Yi (邱毅), who is known for exposing financial scandals, said the nation suffers from overbanking and the financial sector must go through consolidation in order to remain competitive.
Chiu said the crowded field made avoiding conflict of interests difficult for the financial regulator, as some top FSC officials previously worked in the banking sector.
“The close ties causes them to hesitate when they are called upon to investigate irregular activities,” Chiu said, citing former FSC chief Gordon Chen (陳樹) as an example. Chen served as an independent supervisor at Taishin Securities Co (台証證), a subsidiary of Taishin Financial Holding Co (台新金控), before being appointed to head the FSC.
Chiu said Chen refused to address reported flaws related to Taishin Financial and had to step down late last year.
Chiu said FSC chair Sean Chen (陳冲) had displayed reluctance in dealing with takeover disputes between China Development Financial Holding Co (中華開發金控) and Taiwan International Securities Corp (金鼎證券) because of his ties to the former.
Hwang Dar-yeh (黃達業), a finance professor at National Taiwan University, echoed the concerns.
Huang said the legislature should enact laws barring banking officials from assuming government positions.
“It will be hard for people to regulate their former employers,” Huang said. “There should be laws to address the issue.”
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