The Financial Services Agency has decided to introduce a common index that allows comparison of the investment status of each financial institution that sells "foreign currency-denominated insurance" that is invested in foreign currencies such as dollars.
Since there are problems related to the risk of loss of principal, we aim to strengthen our customer protection efforts.
Foreign currency-denominated insurance allows financial institutions to manage premiums paid by customers in foreign currencies such as dollars.
While it is said that investment profits can be expected by investing in foreign currencies with high interest rates, there is no guarantee of principal and there is a risk that customers will lose money due to fluctuations in foreign exchange, but financial institutions do not give sufficient explanation. There are cases where customers complain or get into trouble when selling to.
For this reason, the Financial Services Agency has decided to introduce a common index that can compare the operational status of foreign currency-denominated insurance sold by financial institutions in order to strengthen efforts to protect customers.
Specifically, for each foreign currency-denominated insurance brand, how much investment profits can be obtained by customers, how many customers have high investment performance in each financial institution, and how many customers are losing money. Is shown in the graph.
Since hundreds of companies including banks and insurance companies will be targeted, the Financial Services Agency will ask each company to disclose the operational status and will introduce the index after this spring.