20,000 Cases of Improper Investment Trust Sales Found at Japan Post Bank
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Tokyo, Sept. 12 (Jiji Press)--Japan Post Bank <7182> improperly sold investment trust products to elderly customers in violation of its rules in a total of some 20,000 cases, informed sources said Thursday.
An investigation by the Japan Post Holdings Co. <6178> unit newly discovered some 2,000 cases of improper investment trust sales at 200 post offices, the sources said. Most contracts were conducted in fiscal 2018, which ended last March.
Japan Post Co., another unit, sells investment trusts at some 1,500 post offices under an outsourcing agreement with Japan Post Bank.
Another 18,000 cases of improper sales had been identified at 90 pct of some 230 Japan Post Bank outlets by June.
The investigation found that investment trusts were sold to elderly customers without confirming whether they fully understood the terms of the financial products, the sources said.
[Copyright The Jiji Press, Ltd.]