The Financial Services Agency has decided by the 31st to conduct an on-site inspection of Sony Life Insurance under the Insurance Business Act. The company has seen a series of scandals involving former employees defrauding customers of money, and the agency judged that an early clarification of the facts is necessary. The FSA will examine whether the company's employee management system was adequate, and if deficiencies are found, administrative action is also being considered. In January, Sony Life announced that a former employee had been found to have misappropriated funds by accepting money under the pretext of increasing it through investments. Additionally, a case came to light in which customers were encouraged to cancel their insurance policies under the false claim that they could invest in unlisted shares of the parent company, Sony Financial Group, and part of the surrender value was swindled. Sony Life plans to announce the progress of its damage investigation around mid-September.
Sony Financial Group Inc.Sony Financial Group's subsidiary Sony Life is being inspected by the FSA over fraud allegations, with potential administrative action.
Sony Group CorporationSony Group is the parent of Sony Life, which faces regulatory inspection over fraud allegations.
