從TRF風暴省思臺灣金融消費者保護

Rethinking Financial Consumer Protection in Taiwan ― A Case Study of the TRF Crisis

2014年起通常被利用來匯率避險的人民幣TRF隨著人民幣貶值帶來臺灣金融圈巨大的風暴，投資人嚴重的投資失利、行政機關執法與監管的壓力、代銷的臺灣金融機構被處以重罰與捲入糾紛，儘管人民幣TRF的風暴無視於臺灣金融消費者保護法及相關金融監理法規在臺灣已經通過並實施數年，仍然帶給臺灣相當大的衝擊；本文回顧發生重大爭議的人民幣TRF風暴，說明銀行在銷售衍生性金融商品時的各項義務，藉此探討臺灣金融機構在銷售金融商品時所扮演的角色與應盡之義務，最後檢討臺灣目前金融監理的行政管制，與金融消費者保護的政策，希望臺灣金融市場經由這次嚴重的教訓，能摸索出適合臺灣的金融消費者保護政策。

The RMB-linked Target Redemption Forward (TRF), a commonlyused hedging instrument to minimize RMB exchange rate risk since 2014, had resulted in a crisis in the financial circle, including the huge loss of the investor, the pressure coming from the law enforcement agency and supervisory agency and the fine and dispute involving domestic financial institutions marketing the product due to the depreciation of the RMB. Although the Financial Consumer Protection Act and relevant financial supervisory regulations have been implemented for many years, this crisis still caused huge turmoil in Taiwan. This paper reviews the controversial RMB-linked TRF crisis and explains the obligation of the bank in marketing financial derivative products so as to explore the role and obligation of the financial institution in Taiwan in marketing these products. Finally, the paper examines the current administrative regulation and the policy for financial consumer protection with the hope that the financial market in Taiwan, after this crisis, can develop a suitable financial consumer protection policy for Taiwan.