Japan's Financial Services Agency began an on-site inspection of Sony Life Insurance on the 15th under the Insurance Business Act, it was learned. The inspection will investigate the causes of the misconduct involving employees misappropriating money from customers, and will examine whether the sales management system was adequate. If deficiencies are found, the agency will consider administrative penalties such as a business improvement order. At Sony Life, a series of cases have come to light, including one in which a former sales employee collected money under the pretext of growing it through investments and diverted it for personal use. The company is proceeding with an investigation to grasp the full extent of the damage and plans to disclose the progress of the investigation and measures to prevent recurrence around mid-December. On the 11th of this month, the company revealed that it had received notice from the Financial Services Agency regarding the on-site inspection.
Sony Group CorporationJapan's FSA launched an on-site inspection of Sony Life over employee fund misappropriation, with possible administrative penalties such as a business improvement order.
