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

(Excerpt)

(Friday, January 24, 2025, 10:00 am to 10:05 am)

Q.

I would like to ask you about the press report concerning the FSA's policy to issue a business improvement order to Toyota's dealers. In the previous press conference, you said that the FSA would take strict measures based on the found facts. Has there been any progress regarding this issue, including the FSA's policy on administrative actions?

A.

Today, the FSA will issue a business improvement order based on the Insurance Business Act to Toyota Mobility Tokyo Inc. and Good Speed Inc.
As a result of the FSA's onsite inspection, it was found that both companies have a serious flaw in their business management structure in relation to insurance solicitation business and that they have overlooked serious problems and have failed to develop a system for ensuring proper insurance solicitation activities.
It is regrettable that they have continued to leave such inappropriate situations unaddressed. The FSA has decided to issue a business improvement order to them.