Japan Post Finds 20,000 Cases of Improper Investment Trust Sales
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Tokyo, Sept. 13 (Jiji Press)--Japan Post Bank <7182> said Friday that it has found 19,591 cases of improper investment trust sales since April 2018.
These cases involve violation of internal rules that govern sales of investment trusts to customers aged 70 or older, the Japan Post Holdings Co. <6178> unit said.
The rules require staff to check customers' health condition and their understanding of the terms of the financial products, twice, at the times of soliciting and contract signing.
In the improper cases, customers were confirmed only once, when signing contracts, but they were reported as being confirmed twice, in internal reports, the company said.
The announcement adds to concerns about the Japan Post group's governance capabilities following earlier revelations that Japan Post Insurance Co. <7181> and Japan Post Co. engaged in improper insurance sales.
[Copyright The Jiji Press, Ltd.]