trending Market Intelligence /marketintelligence/en/news-insights/trending/Z6G4mbwnrDKb3K4JuF5MHA2 content esgSubNav
In This List

Japan Post Bank admits to improper sales of investment trust products

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Japan Post Bank admits to improper sales of investment trust products

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.