JBA amended the "Key Matters when Concluding Contracts with Consumers" on March 20.
This notice was drafted in 1999 to foster a more proper and sounder transaction relationship between banks and consumers, who tend to have to function with comparatively less information. It covers all contracts with consumers and lists, as a guideline, what to include in each contract and what banks should pay attention to when concluding contracts with consumers.
In the past 8 years, the banking environment has changed; financial products/services banks handle have increased in diversity and sophistication and consumer protection legislation such as the enactment/revision of the Consumer Contract Act and Law concerning Sale of Financial Products has progressed. Furthermore, the Financial Instruments and Exchange Law, which stipulates cross-industry rules for protecting users, is to be enforced come summer.
The amendment was made on the principle of soliciting qualified customers with regard to the solicitation/explanation of risk products and many other points, based on these changes.