Japan Post Bank Co. Ltd. admitted to improperly selling investment trust products to elderly customers, Reuters reported Sept. 13.
The bank said its investigation found that branches and post offices neglected an internal rule that requires staff to confirm twice that customers aged 70 years or older should be in good health and have a good understanding of its products before making sales. It discovered more than 19,500 cases of improper sale of products in the fiscal year ended March 31: 17,700 cases at its 213 branches and 1,891 cases at post offices.
This is the latest case of misconduct by a unit of Japan Post Holdings Co. Ltd. Previously, Japan Post Insurance Co. Ltd. admitted to mismanagement of certain insurance policies, which may have caused some customers to pay double premiums for life insurance.
