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Japan Post unit admits to mismanaging 90,000 insurance policies

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Privatization was a mistake.

-4 ( +5 / -9 )

If I understand this correctly. They forced people to pay insurance premiums for plans that they didn’t have in order to meet their sales goals. Their excuse was that the sales targets were out of touch with the times. Meaning they don’t see any problems with the method. Lastly, the end result is

The Financial Services Agency is considering ordering Japan Post Insurance to improve business operations

Only considering.

17 ( +18 / -1 )

mismanaging

LOL. This euphemism gives me a chuckle. More like conning and swindling customers.

15 ( +15 / -0 )

who would buy an insurance policy from a post office lol....

-11 ( +4 / -15 )

"Our sales targets did not fit with the times," Yokoyama told the same news conference, referring to the recent tough business environment due to a declining population and ultralow interest rates in Japan. 

I see. It's everybody's fault but your own.

Scammers, fakes, and knaves.

Stop blaming the public.

I never understood these massive pension schemes. Screw 'em.

5 ( +8 / -3 )

who would buy an insurance policy from a post office lol....

Intelligent people that have done their research and want a good deal.

3 ( +9 / -6 )

Intelligent people that have done their research and want a good deal.

I do not equate intelligence with investing in the Japanese government, especially getting insurance policies from an agency that delivers mail.

-5 ( +5 / -10 )

"Our sales targets did not fit with the times," Yokoyama told the same news conference, referring to the recent tough business environment due to a declining population and ultralow interest rates in Japan. "We'll strictly respond if any illegal activity is found."

How about the ultra high interest rates you morons charge for credit card usage.

8 ( +8 / -0 )

Here we go again. Haha

6 ( +6 / -0 )

who would buy an insurance policy from a post office lol....

@Dango Bong

Are you aware that most policies people buy from anywhere are not made or managed by the company you buy them from? Most insurance and fund firms deal through broker dealers.

Also, the Post office receives government funding even though its privatized. That adds security in most people’s minds.

5 ( +7 / -2 )

Also, the Post office receives government funding even though its privatized. That adds security in most people’s minds.

So secure the inept mail carriers lost their insurance money. Oh ok I must be wrong. Great investment guys!

-1 ( +5 / -6 )

None of these scammers will be arrested for scamming the public.

12 ( +12 / -0 )

Would you like some more government-provided services with your tax money? No?

I have recently learned that it is actually written within the Japanese constitution that government must be the sole provider of postal services. The constitution creates and protects a monopoly. Imagine if the constitution said only the government can provide shoes. Everybody would be walking with the most crappy sandals ever, and the idea of privatizing the shoe company would've sound crazy to most people. In the US the US postal services used be a monopoly until somebody sued the government and they allowed private companies to enter the market, that's when FEDEX and UPS were created. If Japan allows private companies to provide postal services, it will be a lot better for everybody.. other than the bureaucrats in charge of the postal company of course.

2 ( +4 / -2 )

“The Financial Services Agency is considering ordering Japan Post Insurance to improve business operations, officials at the financial watchdog said.”

Really? Sounds like someone scammed a lot of money out of a lot of people! Possibly the sales staff fault??

Am I reading this excuse correctly?

Man, this CEO better beware he’s not the next Carlos Gho...

oh wait, nah a bow will do.

Next

8 ( +9 / -1 )

And why isn't he resigning to take responsibility? Or is it now the new trend to have the underlings take the blame?

8 ( +9 / -1 )

Sorry we have been screwing over our customers and forcing our staff to harass them - upsetting and stressing out those who can ill afford it. Sorry we got found out.

Bastards.

8 ( +8 / -0 )

Are you aware that most policies people buy from anywhere are not made or managed by the company you buy them from? Most insurance and fund firms deal through broker dealers.

You can defend Japanese bureaucracy until you are blue in the face, but I would trust a ten yen coin with them, let alone use them as a middle man to buy insurance from them.

This is why the people got duped.

-2 ( +3 / -5 )

These are scams. Big crimes. It's not the cases to be allowed with just apologizing and refunding. Investigating by prosecutors are nssded.

9 ( +9 / -0 )

I prefer a government run post office thank you. I grew up in countries both with and without, and there is a clear difference in the level of service.

7 ( +7 / -0 )

I do not equate intelligence with investing in the Japanese government, especially getting insurance policies from an agency that delivers mail.

I do not put much stock in comments from people that think the post office is still government run.

4 ( +5 / -1 )

The Financial Services Agency is considering ordering Japan Post Insurance to improve business operations, officials at the financial watchdog said.

Wow! Are they! This is the powerful, no holds barred decisive Financial Services Agency at work! Makes you quake at the knees, doesn't it?

(Sarcasm)

5 ( +6 / -1 )

Lolololololololololoololololololol

Scamming and swindling by any other name is just as scummy.

Accountability is japan is a sad joke. Absolutely nothing is going to happen. It will blow on over only to be repeated a few years down the road with the exact same repurcussion.

8 ( +8 / -0 )

Why the article is talking about mismanagement? This is not mismanagement, they are clearly admitting that they scammed people to pay more than they should have, this is in plain English fraud.

9 ( +9 / -0 )

"Our sales targets did not fit with the times," 

The gist of many of the Japanese companies and reasons why there is an excessive amount of overtime.

7 ( +7 / -0 )

One can clearly see the difference of how a case is handled when it’s a Japanese company headed by Japanese! Even in the reporting of it. Forcing customers to pay duplicate premiums is fraud plain and simple yet for now that it’s only Japanese involved it’s called “mishandled” and “mismanaged”. This is just so typical of Japan! Is anyone going to be put into detention? It didn’t take long before a case like this popped its head up and the difference in handling rears it’s very ugly head.

9 ( +9 / -0 )

It’s a Japanese firm close to the government by shareholder and more. Watch the ‘feather rapped on the knuckles’ so called punishment they’ll get.

Now, if they were a foreign company, different story...

7 ( +7 / -0 )

So how will Japan Post and its executives be penalized? Another meaningless deep bow of apology?

8 ( +8 / -0 )

The insurance firm said it will launch a probe by a third-party panel

The usual. They'll hand-pick some more incapable goons, meanwhile destroying all the evidence.

6 ( +6 / -0 )

Mismanaging? Is that another way to say, unscrupulously ripping people off? Japan is as corrupt as the day is long! There is not one industry in Japan that has not been involved in some kind of fraud or scam. All these 'money for nothing' payments scams really get under my skin. However, I'm not sure which P's me off most, the fact they continue to rip people off or the fact they receive very little (if any) punishment for it. The real estate rental industry is a fantastic example of ripping people off. The 'never to be seen again' key money scam and the extra month's rent when you renew your lease are good examples. Then, there is car registration (shaaken). If you take your car to a dealer they will charge you upwards of ¥150,000 plus any repairs, which they also rip you off for. However, I get my shaaken done for ¥72,000, less than half of what the dealers charge. It's another rip off! Scratch the surface of sushi and cherry blossom Japan and you find a very dirty and corrupt society.

8 ( +8 / -0 )

"Our sales targets did not fit with the times," Yokoyama told the same news conference,

Who set these ridiculously unachievable targets in the first place? Not once did you find it odd that given the "recent tough business environment due to a declining population and ultralow interest rates" you acknowledge that many sales associates managed to meet or exceed these sales targets?

5 ( +5 / -0 )

Some minor celebrity got caught with a tiny amount of marijuana in his home and had to kneel and place his head to the ground in front of a police station to show his remorse. I accept a lot more than that from these criminals

6 ( +7 / -1 )

Bows, the end.

4 ( +5 / -1 )

Remembering when funds from Japan Post were diverted to the Pension scheme, still being naughty.

3 ( +3 / -0 )

I do not equate intelligence with investing in the Japanese government, especially getting insurance policies from an agency that delivers mail.

So, great oracle, who can the Japanese people trust for their insurance policies then?

Its a shame the people who got bilked did not have access to your infinite wisdom in how Insurance companies should and shouldn't run and by who.

2 ( +3 / -1 )

A private insurance provider that did this would be heavily fined and quite likely go out of business.

1 ( +1 / -0 )

@Dango Bong -- who would buy an insurance policy from a post office lol....

I agree the name is rather confusing, but post office here in Japan is also one of the largest financial institutions (banks) in Japan. Currently showing the 8th largest bank in the world. People do seem to trust Japan post for their financial. Japan Post bank also gives mortgages.

Japan Post definitely need to apologize and be punished like Citibank here was for non-compliance. Let's see.

https://accuity.com/resources/bank-rankings/

1 ( +2 / -1 )

I agree the name is rather confusing, but post office here in Japan is also one of the largest financial institutions (banks) in Japan.

great they can take solace in the fact they were bilked by a very revered institution!

-3 ( +0 / -3 )

None of these scammers will be arrested for scamming the public.

They should be arrested, held for 23 days, then re-arrested, held for a further 23 days. Indicted, denied bail, and if given bail at an exhorberant amount and forbidden to contact their spouses.

Oh, and raid their homes.

3 ( +3 / -0 )

Mitsuhiko Uehira should resign taking responsibility of his disable management which could not prevent such wrong doing by sales section.

Govt. must check the beneficiaries of such activity done by Japan Post Insurance Co.

For sure involved staff get bonus, incentives, promotion after showing extended sales & collection of premiums.

Shame Shame Shame on Japan Post Insurance Co. They break the trust of Japanese people.

1 ( +1 / -0 )

This must be Carlos fault, ....apparently he was seen walking into a Japan Post office once, an anonymous source has revealed.

1 ( +2 / -1 )

It is such a shame, it shows , how Japanese business are run , total disregard for the other party. Well atleast , some one found out.

0 ( +0 / -0 )

In any case, I personally think that reports such as this probably happens onlyu in Japan. While I do not like the "simple" public announcement of aplogies and no real repercussion on those who did commit those errors, "at least" they come out in the open and do "admit" and "apologize". But then this is Japa,n and it may be one good way to handle any mistakes without making it big legal fights, criminal and civil. It does eliminate lots of wasted time, effort and money in the final analysis.

-1 ( +0 / -1 )

These insurance policies pay so little in return. So hard to invest here in this country. I can lose my hard earned cash much more quickly in America.

0 ( +0 / -0 )

"The Financial Services Agency is considering ordering Japan Post Insurance to improve business operations, officials at the financial watchdog said."

You know it's Japan when they're only considering it. I bet they're forming panels to consider thinking about it as we speak.

1 ( +1 / -0 )

Privatization was a mistake.

It almost always is.

0 ( +0 / -0 )

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