Customer-Oriented Conduct and Fair-Sales Risks in Cross-Selling Japan Post Insurance Products and Investment Trusts
First written in FY2021-Q2. 2 of 6 entries say "Materialised", first in FY2021-Q3. Latest entry: FY2025.
Japan Post Bank moved to the "Worse" side of this theme in 2025.
0 other companies' latest entry also says "Materialised".
- FY2025MaterialisedAnnual report
「Following cases at post offices in which undisclosed financial information concerning deposits and other services was used without customers’ prior consent to solicit insurance applications or invite customers to visit branches for the purpose of soliciting investment trusts and Japanese government bonds, the Japan Post Group is using all available resources to implement measures to prevent recurrence, including strengthening personal information management systems and the management and supervision framework for Japan Post Co., Ltd., the Bank Group’s banking-services contractor.」
In addition to the existing risk associated with cross-selling insurance products and investment trusts, a specific case emerged involving the inappropriate use of undisclosed financial information to solicit investment trusts and Japanese government bonds. - FY2022-Q3RestatedAnnual report
「Among the transactions conducted by Japan Post Co., Ltd. that did not reflect the intentions of some customers, we have taken customer-facing measures including invalidating contracts in relation to the cross-selling of JAPAN POST INSURANCE Co.,Ltd. insurance products for which violations of laws and regulations were identified and investment trusts offered by the Bank Group, while pursuing improvements across the Japan Post Group, including cross-product data monitoring.」
For the cross-selling cases, measures including contract invalidation, customer support and cross-product data monitoring remain ongoing. - FY2022-Q1RestatedAnnual report
「Regarding the cross-selling of JAPAN POST INSURANCE Co.,Ltd. insurance products for which violations of laws and regulations were identified and investment trusts offered by the Bank Group, we have taken customer-facing measures including invalidating contracts, while pursuing improvements across the Japan Post Group, including cross-product data monitoring.」
For the cross-selling cases, measures including contract invalidation, customer support and cross-product data monitoring remain ongoing. - FY2021MitigatedAnnual report
「Regarding the cross-selling of JAPAN POST INSURANCE Co.,Ltd. insurance products for which violations of laws and regulations were identified and investment trusts offered by the Bank Group, we have taken customer-facing measures including invalidating contracts, while pursuing improvements across the Japan Post Group, including cross-product data monitoring.」
Regarding transactions in cross-selling that may not have reflected customers’ intentions, the Bank proceeded with measures including contract invalidation, customer support and cross-product data monitoring. - FY2021-Q3MaterialisedAnnual report
「As a result, Japan Post Co., Ltd. identified, based on complaints received from customers since April 2019, cases in which sales practices may not have been customer-oriented when JAPAN POST INSURANCE Co.,Ltd. products and investment trusts were sold to the same customers, and determined that certain transactions constituted violations of laws and regulations.」
The disclosure states that, beyond the previous identification of cases that may have involved such conduct, certain transactions were determined to constitute violations of laws and regulations. - FY2021-Q2First statedAnnual report
「Based on complaints received from customers between April 2019 and June 2020, we identified cases in which sales practices may not have been customer-oriented when JAPAN POST INSURANCE Co.,Ltd. products and investment trusts were sold to the same customers, and in which transactions may not have reflected the intentions of some customers.」
Through complaint analysis, new cases were identified in which transactions involving multiple products sold to the same customer may not have reflected the customer’s intentions. The Bank stated that it would confirm the customers’ intentions and take remedial measures.