Liberalisation of sales through bank channel

No progress
There are continued restrictions on the sale of insurance through bank channel, which should be liberalised in the interest of Japanese consumers. Proposing suitable insurance products based on a customer’s intention will be become more and more important. For securing effectiveness, banks would need to confirm a customer’s intention properly by sorting out each customer’s information and needs. From that point of views, the EBC believes it would contribute to the benefit of the customers that banks utilise customer’s private information and financial information to some extent when confirming the customer’s intention. We are of the opinion that inappropriate use of such information has been effectively prevented by means of the existing regulations like not to solicit borrowers or loan applicants of business loans, etc.


  • The FSA should allow banks to sell insurance to employees of companies where banks have a lending relationship, as the current restriction deemed excessive and redundant. At the same time, certain financial information should be allowed to be use, just as is allowed in the asset management sector.
  • The FSA should consider easing the restriction on using personal and financial information of customers by banks without customer’s prior consent.