Relaxation of entry procedures for bulk sales of financial products using smartphones Amended law enacted 13:52 on June 5
A revised law, such as the Financial Products Sales Law, was passed at the House of Councilors plenary session to ease the entry procedure so that IT companies can start a service to collectively sell various financial products using smartphones. Did.
The amended law passed and passed at the plenary session of the House of Councilors on the 5th will allow IT companies to launch a service to collectively introduce and sell various financial products with smartphones etc. while fintech combining finance and IT spreads I will.
We will establish a new “financial service intermediary business” to facilitate entry into the financial field.
Up until now, it was necessary to register for each product field in order to enter the intermediary service that introduces and sells financial products such as insurance, investment trusts, and mortgages. Change the rules to do so.
On the other hand, in order to protect customers, we are restricting businesses from dealing with products with complicated structures such as derivatives, as well as requiring the protection of user information and careful explanation.
We also allow authorized businesses to remit money of over 1 million yen, which is currently only accepted by banks, from smartphone payments.