The most effective way to protect investors is through law enforcement bodies, the Financial Services Development Council's new chairman, Laurence Li Lu-jen, said yesterday.
He succeeds Laura M Cha who is due to retire today.
Li's appointment is from July 11, 2018 to January 16, 2019. He will serve for two years as chairman of the board of directors upon the incorporation of FSDC as a limited company.
Li said the process of incorporating FSDC as a limited company will be one of the challenges that will require time to sort out.
He said FSDC will leverage on its existing advantages and will pursue innovation and unique insights to identify more innovative ideas, opportunities and concepts.
Li also said that the FSDC will review what it has done in the past six years and focus on fresh promising opportunities in the future.
He said financial technology will bring huge opportunities to the new economic model. "I will also renew my thinking about fintech to lead the FSDC to be most competitive."
Investor protection, however, will be given more importance than the introduction of new policies, he said.
Class actions are one of the traditional methods of securing the interests of investors, but he noted that this strategy should not be constrained by traditional means of protecting investor interests, he said.