Press Conference by ASO Taro, Deputy Prime Minister, Minister of Finance, and Minister of State for Financial Services
(Excerpt)
(Friday, December 25, 2020, 11:15 am to 11:23 am)
[Opening remarks:]
I would like to mention about the establishment of a panel of experts on sustainable finance.
In seeking to achieve carbon neutrality by 2050, creating a virtuous cycle between the economy and the environment has become a key issue for the government.
Japanese companies have the advanced technology and the potential needed for this, and I believe it is important that we enable financial institutions and financial capital markets to adequately perform their functions so that growth capital inside and outside Japan can be utilized for these companies’ efforts.
From this perspective, we have decided to set up a panel of experts at the Financial Services Agency comprising representatives of industry, finance, academia and other sectors to consider prospective issues and proposed responses. The details will be explained later by one of our administrative officials..
[Questions and answers:]
-
Q.
-
An investigation by Dai-Ichi Life Insurance Company into the embezzlement of an enormous sum of money by a former employee of that company has uncovered wrongdoings by other three former employees.
As Minister of State for Financial Services, what are your views on this matter and on the ways life insurance is sold?
-
A.
-
I am aware of the announcement by Dai-Ichi Life that you just mentioned, but I will refrain from commenting on matters pertaining to a specific insurance company.
Still, the Financial Services Agency considers it crucial that insurance companies themselves investigate such matters and then formulate effective improvement measures, at the same time dealing appropriately with any parties harmed by these incidents.
I also understand that the Life Insurance Association of Japan is seeking to develop a more detailed picture of current circumstances by such means as conducting questionnaire surveys on the internal control systems in place for sales personnel at individual life insurance companies.
The FSA would like to employ the Life Insurance Association’s findings to better ensure that life insurance companies operate their businesses in a customer-oriented fashion.
