Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Tuesday, September 24, 2024, 10:51 am to 10:57 am)

Q.

I will ask you about the news coverage concerning Japan Post. It is said that in the Japan Post Group, customer information held by Japan Post Bank has been used for sales activities of Japan Post Insurance and that Japan Post and Japan Post Insurance submitted reports on this issue dated September 20 to the Financial Services Agency (FSA) and the Ministry of Internal Affairs and Communications.
I would like you to confirm the facts of this issue. There was a series of similar cases in the past, but what responses is the FSA considering at present?

A.

I know of the news coverage you mentioned, and the FSA has also received relevant reports.
Under the Insurance Business Act, insurance agents, or post offices in this case, are prohibited from using customers' undisclosed financial information, such as account balances and financial transactions, in activities related to insurance solicitation without the prior consent of individual customers. It is very regrettable that the misuse of customer information like this has occurred again.
The FSA will first confirm the facts through Japan Post Insurance and will make responses appropriately from the perspective of legal compliance and protection of policyholders.