The Financial Services Agency has decided by the 31st to conduct an on-site inspection of Sony Life Insurance based on the Insurance Business Act. The company has seen a series of scandals involving former employees defrauding customers of money, and the agency judged that it is necessary to clarify the situation early. The FSA will investigate whether the employee management system was adequate, and if deficiencies are found, administrative action is also being considered. In January, Sony Life announced a case in which a former employee received money under the guise of investment and misappropriated it for personal use. Additionally, a case was revealed in which the company encouraged policy cancellations by touting investment in unlisted shares of its parent company, Sony Financial Group, and defrauded customers of part of their surrender value. Sony Life plans to announce the progress of its damage investigation around mid-September.
Sony Financial Group Inc.Sony Financial Group's insurance unit is subject to FSA inspection and possible administrative action due to employee fraud.
Sony Group CorporationSony Group's subsidiary Sony Life faces regulatory inspection over fraud scandals, potentially affecting parent's reputation.
