Japan Financial Services Agency updates its Financial Business Operator List and publishes common KPI analysis for investment trusts and foreign currency-denominated insurance

Japan’s Financial Services Agency (FSA) has published an updated Financial Business Operator List of firms that have adopted the Principles for Customer-Oriented Business Operations and disclosed related policies and implementation status, alongside analysis results and a supporting database for “common KPIs” on investment trusts and foreign currency-denominated insurance. The publications are based on firms’ submissions received by 9 January 2026 and are intended to make customer-oriented business efforts more visible. The list compiles self-reported disclosures and, in principle, remains valid for one year from publication; the FSA states it does not make specific judgements on the content of each firm’s policy or its adoption of the Principles. Firms are required to post an FSA-prescribed correspondence table on their websites on a comply-or-explain basis, indicating for each Principle whether it will be implemented, and if not, the reasons and any alternative measures; the FSA may request corrections where discrepancies are identified and may cancel publication if declared implementation cannot be substantiated or if there is a significant gap between policy and practice that is not promptly addressed. The updated list contains 1,384 financial business operators, with 526 newly added or updated entries. The KPI analysis summarises firms’ reports as of 31 March 2025, covering (for investment trusts) customer outcome distributions, cost and return, and risk and return for the top 20 products by balance, and (for foreign currency-denominated insurance) customer outcome distributions and cost and return by product; the accompanying database also covers fund wraps, although fund wraps are not aggregated or analysed in the published KPI analysis, and the FSA notes it cleans reported data but does not guarantee accuracy. The FSA is also accepting submissions for the next Financial Business Operator List from firms seeking new inclusion or continuation, including those with a publication date of 10 September 2025. To apply, firms must post the prescribed correspondence table on their website and submit the latest reporting form to the FSA by 17:00 on 10 July 2026.