Japan Post Co., Ltd. and Japan Post to order to suspend some business for three months Financial Services Agency December 25 18:54
On the issue of improper sales of Japan Post Insurance, the Financial Services Agency has announced a policy to order Japan Post and Japan Post to suspend some operations for three months, and notified the company on March 25. We judge that there was a serious problem with our internal management system, and we will also ask for clarification of management responsibilities.
On the issue, the FSA conducted an on-site inspection of Japan Post and Japan Post, and found that the achievement of the quota was excessively emphasized, and that the management team did not fully understand the actual situation of inappropriate sales at the site. We have determined that there was a serious problem with the internal management system.
The company decided to suspend new insurance sales business for three months from Japan Post and Japan Post, and notified both companies on 25th. We will issue a business improvement order to our parent company, Japan Post.
The FSA has heard the company's justification for this policy and will issue a penalty on the 27th.
The policy is to require each company to clarify its management responsibilities.