Sep.23.2009

Japanese Bankers Association

Providing Better Explanations When Soliciting Personal Pension Insurance

On September 24, JBA made an agreement to provide better explanations when soliciting personal pension insurance. We agreed upon and announced the following three items: (1) to take measures to thoroughly prevent confusion with deposits, (2) to explain various expenses required for early withdrawals, etc. and (3) to confirm that customers have a good understanding of the content of the product.

The agreement was made because we received a request from the National Consumer Affairs Center of Japan on July 21, 2009 to prevent problems from occurring with customers at bank counters in relation to the sale of personal pension insurance products. The Center had also made this request in 2005 and we decided to take the matter seriously. Our goal is to improve explanations in order to prevent problems from occurring beforehand.