A Study on the Process Management of the Launch and Sell of Financial Instruments by Compliance Program -Taking the Sell of Structured Notes in Taiwan’s Banks for Example

2008年9月美國雷曼兄弟控股集團宣布聲請破產保護，當時與台灣本地有關的連動債至少50檔，涉及一般投資人達五萬餘，曝險計新臺幣八百億元，引發諸多金融與社會問題。 本論文先就國內近年來銷售連動債引發之糾紛為系統之整理，以了解其發生之原因包括近年低利率環境與經歷雙卡風暴，銀行經營重心調整至財富管理業務，惟因該業務於我國根植未深，其法令規範之密度與廣度，及認識客戶作業、適合度原則、資訊揭露與人員專業訓練等面向，皆有不足，終導致糾紛四起，銀行客戶對該業務之信心及投資意願，一時之間，大幅降低。 本論文以某銀行之個案為例，研究歸納出透過遵守法令制度及戴明循環之協助，對於財富管理商品上架與推介流程進行管理，包括成立商品上架審查委員會、訂定上架審議流程、對商品加以分級，明定KYC流程及商品與客戶適合度之審認程序，並進行理專教育訓練與嘗試調整薪酬制度等。研究發現該等制度面向之改善，讓該銀行財富管理業務之申訴率下降、收入增加，同時經某周刊與學術單位評鑑為該業務之其中一獎項之第一名，足見該流程管理確實可改善業績及業務品質。最後，本論文提出三項結論與三項建議，期望對於銀行財富管理業務之提升，有所助益。Lehman Brothers Holdings Inc. declared its bankruptcy in September, 2008. More than fifty Structured Notes issued by or related to Lehman Brothers had been selling in Taiwan. Around fifty thousand people bought those finacial products which amounted to NT$ eighty billion. There were a lot of disputes and social problems come out from these investment cases. This thesis finds many problems arisen on the background that Taiwan’s banks tried to modify their core business from deposit & loan to other new businesses like wealth management due to the low interest spread since Year 2000 and high credit risk of credit/cash card business. However, most of Taiwan’s banks had limit experiences on wealth managemen business then. In addition, regulatory requirements and banks’ internal guidelines seemed not sufficient on many aspects such as KYC operations, suitability principles, information disclosure and personnel training. These issues brought a huge amount of controversy and damaged Taiwan bank enterprise. This thesis takes a certain Taiwan’s bank for example. It is found that legal compliance program and PDCA cycle are helpful for managing the process of the launch and sell of financial instruments in wealth management business, for example, to buid up a special committee and process for reviewing the features of financial products, to classify the products and customers with their risks, to make SOPs for KYC and suitability. Besides, it’s also very important to provide the financial planners/consultants with the sufficient training courses and to reschedule their conpemsation and sarlary. This thesis also finds that those improvements did help the bank on lowering the dispute rate, increasing the income and rebuild the bank’s reputation. The bank got No. one ranking on a title of a research which is hosted by a famous magazine and an academic institute. On the last chapter, the thesis brings up three conclusion and three suggestions and hope those ideas can help the wealth management business of Taiwan’s banks