Japan's FSA Issues Biz Improvement Order to FP Partner
Tokyo, Aug. 6 (Jiji Press)--Japan's Financial Services Agency said Wednesday that it has issued a business improvement order to major insurance agent FP Partner Inc., known for its Money Doctor consultation services for insurance products and asset formation, under the insurance business law.
Insurance agents handling products of multiple insurance companies are required to recommend the most appropriate policies to customers in line with their needs.
But FP Partner is suspected of engaging in inappropriate practices, including recommending products of certain insurers in accordance with the amounts of favors provided to the company, such as advertising fees, according to the financial regulator.
It is highly likely that FP Partner's practices are blocking opportunities for choosing appropriate products, the FSA said.
The agency also ordered eight insurance companies that gave favors to FP Partner to submit reports.
(2025/08/07-01:22)
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