Press Conference by KATO Katsunobu, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Friday, December 3, 2024, 9:40 am to 9:45 am)

Q.

There was media coverage that the FSA conducted an on-site inspection of FP Partner Inc., which provides the Money Doctor service. As a part of the practices in the insurance industry, it is pointed out that there have been problematic cases in which insurance agents fail to recommend optimal insurance products to individual customers while receiving a large amount of advertisement fees from insurance companies. Could you explain the facts and your view on this issue as the minister in charge of financial services?

A.

At any rate, I will refrain from making specific comments on an individual case.
However, I understand that the survey by the Life Insurance Association of Japan was to check the types of favors provided to agents, etc. by individual life insurance companies. The FSA will continue to take necessary measures and consider them further so as to ensure that insurance agents that deal in insurance products of multiple insurance companies under entrustment agreements with them will properly compare and recommend optimal insurance products to individual customers.