The FSC recently imposed sanctions on Bank SinoPac after discovering that the bank had induced customers to use loans to purchase wealth management products, conditioning the provision of housing loans on the sale of tied-in mortgage life insurance products, and improperly selling insurance products while conducting its insurance agent business. These deficiencies violated Article 45-1, paragraph 1 of the Banking Act, and also possibly disturbed the sound operations. The FSC imposed an administrative fine of NT$18 million based on the provisions of Article 129, subparagraph 7 of the "Banking Act," and also issued the bank official reprimands in line with the provisions of Article 61-1, paragraph 1 of the "Banking Act" and Article 164-1, Paragraph 1 of the "Insurance Act." Also, acting in accordance with Article 61-1, paragraph 1, subparagraphs 2 and 6 of the "Banking Act" and Article 164-1, paragraph 1, subparagraph 1 of the "Insurance Act," the FSC ordered the bank, beginning from the day next following delivery of the administrative ruling: (a) to suspend its president from performance of duties for three months; (b) to suspend the top supervisor of its channel business from performance of duties for six months; (c) to suspend for six months the conduct of brokered investments in overseas bonds for new customers and the sale of mortgage life insurance products that are tied to the bank's own housing loans; and (d) to suspend for approximately one month all sales of new life insurance policies in its capacity as an insurance agent, until such time as the FSC recognizes that proper corrective actions have been taken.