Financial Services Agency asks financial institutions to improve sales of foreign currency-denominated single-premium insurance. 60% of customers cancel their contracts within a short period of four years after purchase, and customers who canceled their contracts were reinstated.
The Financial Services Agency has harshly criticized financial institutions for failing to understand the needs of customers who invest assets such as pensions. The agency has targeted 27 banks and insurance companies that handle this product. It also confirmed sales to customers who lacked investment experience so they are requesting thorough explanations based on risks and post-sales follow-up.