February 13, 2014 / 9:32 AM / 4 years ago

Taiwan to look into credit card issuers over risk management

TAIPEI, Feb 13 (Reuters) - Taiwan’s top financial regulator said on Thursday it will check local credit card issuers to ensure their risk management on clients’ credits is fairly priced.

“It’s a very important policy for us,” chairman William Tseng of the Financial Regulatory Commission (FSC) told reporters. “We don’t rule out the possibility of suspending their credit card business if they don’t abide by the policy.”

The FSC plans to complete investigations into all of the 33 banks in the next two months, he said.

Meanwhile, the FSC will urge financial holding firms, insurers and banks next month to set up a vice president-level executive in charge of compliance, Tseng said. (Reporting by Faith Hung; Editing by Kim Coghill)

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