Japan Panel Calls for Flexible Financial Services for Elderly People

Politics

Tokyo, July 29 (Jiji Press)--An advisory panel to the Japanese government called on the financial industry Wednesday to respond flexibly to deposit withdrawal requests by elderly people with poor cognitive ability.

The request is designed to have financial institutions offer services that meet the needs of such elderly customers while managing their assets properly, amid the rapid graying of the population in Japan.

Financial industry groups should draw up guidelines on the matter, a working group of the Financial System Council, which advises the prime minister, said in a draft report.

There are many cases in which financial institutions reject deposit withdrawal requests made by relatives on behalf of elderly people with deteriorating cognitive ability, on the grounds that the consent of the account holders cannot be confirmed.

In the draft report, the working group said that it is desirable for financial institutions to make flexible responses, such as allowing people with deteriorating cognitive ability themselves and their representatives to withdraw money.

[Copyright The Jiji Press, Ltd.]

Jiji Press