Financial System Council Working Group on Financial Markets Strengthening Customer-Oriented Business Conduct

Data sheets introduced containing critical information

RSS
  • TOP
  • Reports
  • Legal and Tax

August 18, 2020

  • Jun Yokoyama

Summary

◆On August 5, 2020, the Financial System Council Working Group on Financial Markets published its report, “Toward Progress in Customer-Oriented Business Conduct".

◆This report consists of "Measures for Further Progress in Customer-Oriented Business Conduct" and "Financial Services in a Super-Aging Society".

◆"Measures for Further Progress in Customer-Oriented Business Conduct" include revisions to "Principles for Customer-Oriented Business Conduct" (cross-industry proposals and follow-up based on life plans, announcement of target customers by financial service providers arranging financial products, introduction of critical data sheets that can compare information on risk, fees, conflicts of interest, etc.), and revision of supervisory guidelines (clarification of principle of suitability, etc.).

◆"Financial Services in a Super-Aging Society" includes the following: how to handle customers whose cognitive abilities have deteriorated; research on the tailoring of services to problems with individual cognitive functions using digital technology; and consideration of a system which allows inquiries regarding financial transactions by persons other than the individual themselves (family, bereaved family, etc.).

Daiwa Institute of Research Ltd. reserves all copyrights of this content.
Copyright permission of Daiwa Institute of Research Ltd. is required in case of any reprint, translation, adaptation or abridgment under the copyright law. It is illegal to reprint, translate, adapt, or abridge this material without the permission of Daiwa Institute of Research Ltd., and to quote this material represents a failure to abide by this act. Legal action may be taken for any copyright infringements. The organization name and title of the author described above are as of today.