In order to ensure that Taiwan’s financial institutions have properly implemented the TCF Principles, the FSC conducted off-site assessments of 35 banks, 30 full-licensed securities firms, 22 life insurers, and 19 non-life insurers on their performance of TCF Principles in 2020. The assessments have been completed, and firms scoring in the top 20% include 7 banks, 6 securities firms, 4 life insurers, and 4 non-life insurers. These top performers are listed as follows:
1.Banks: The Shanghai Commercial & Savings Bank, Ltd., Taiwan Cooperative Bank, DBS Bank (Taiwan) Ltd., Cathay United Bank, Hua Nan Commercial Bank, Ltd., HSBC Bank(Taiwan) Ltd., and Land Bank of Taiwan.
2.Securities firms: Yuanta Securities Co., Ltd., CTBC Securities Co., Ltd., E.Sun Securities Co., Ltd., Taiwan Cooperative Securities, Mega Securities Co., Ltd., and First Securities Inc.
3.Insurers:
(1)Life insurers: AIA International, Taiwan Branch, China Life Insurance, Prudential Life Insurance and Cathay Life Insurance. 
(2)Non-life insurers: CTBC Insurance, Taian Insurance, Cathay Century Insurance and AIG Asia Pacific Insurance Pte. Ltd., Taiwan Branch.
Apart from recognizing the aforementioned top 20% firms, the FSC, for the first time, presents the Best Progress Awards to the firms which, as compared with the prior assessment result, have significantly improved their performance on TCF Principles.  The Best Progress Awards winners for this year are Union Bank of Taiwan, President Securities Corporation, Shin Kong Life Insurance and Nan Shan General Insurance.
The FSC stated that from the analysis of the assessment results for three consecutive years, the assessment process helps financial institutions to take the improved measures in the process of sales of financial products or services addressing the aspects of 9 TCF Principles that require improvements. Some firms have paid more attention to enhancing satisfactory services, and some firms have introduced measures such as smart customer services to optimize consumers’ experiences of financial services. The assessment of implementation of TCF Principles also encourages financial institutions to self-examine the areas where internal control and internal audit should be strengthened to enhance the effectiveness of corporate governance. The FSC will continue to supervise financial institutions’ legal compliance following the TCF principles and to strengthen the protection of consumers’ rights through reviewing and improving the TCF principles assessment mechanism, as well as amendments to financial laws and regulations.