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The results of monitoring customer-oriented business conduct of investment trust distributors

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 The Financial Services Agency (the FSA) developed and publicized the “Principles for Customer-Oriented Business Conduct” (hereinafter referred to as “the Principles”) in March 2017 and has encouraged financial institutions that adopted “the Principles” to publish their policy and achievements (respective KPIs and common KPIs) so that the general public can compare financial institutions’ customer-oriented initiatives and can select optimal financial institutions to build their assets. Additionally, the FSA has publicized on its website a list of the financial institutions that adopted  “the Principles” and developed and published a policy, which contains their names and the status of the publication of their policy and achievements, with the aim of promoting the “visualization” of the initiatives being made by financial institutions.

 In the meantime, as three years passed since the publication of “the Principles”, the number of financial institutions publishing their policy had been steadily increasing but many of them had only published their policy without disclosing their achievements. It seemed that merely adopted “the Principles” had become their goal. Accordingly, the FSA changed its policy for publication as from the end of December 2019, and newly adopted a method to include only financial institutions that publish their achievements in the relevant list, thereby encouraging substantial initiatives for customer-oriented business conduct.

In addition to these initiatives, the FSA conducts monitoring for the management, headquarters, and operations of investment trust distributors in order to grasp the reality of their initiatives for customer-oriented business conduct. The FSA hereby summarizes and reports on how major distributors (10 major banks, 26 regional banks, and 13 securities companies) are making initiatives to realize customer-oriented business conduct.

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Regulator Information

Abbreviation: FSA
Jurisdiction: Japan

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