Japan’s Financial Services Agency (FSA) has announced it will use a “smart” alert system to help people understand the risks associated with their financial futures.
The agency has confirmed to Financial Times it has been working with its partners to create a “bespoke” financial advisory system, where customers will be able to access the information by simply signing in to their financial account, rather than having to go through the formal system.
The system will include alerts and other information to help customers prepare for financial and life events, the FSA said.
“It will allow them to better understand the economic and financial risks and risks associated to their futures,” FSA chief Hiroshi Yamashita said at a briefing in Tokyo.
“The system will be tailored to the customer’s personal and financial needs.”
The FSA has been testing the system in conjunction with banks and financial institutions in recent months.
The government is also working to introduce a “self-regulatory” system for the banking sector.
However, Mr Yamashite admitted there is no way to predict exactly how this will play out.
“We are developing a system to support financial advisors and to facilitate the delivery of financial advice and information in a manner which is reliable, convenient and transparent,” he said.
The Financial Services Association of Japan (FsaJ) said it was currently developing a self-regulating system, which would enable customers to view financial information in their own time.
The FSAJ said it has also created a new type of financial advisory platform, called “Smart Financial Advisory Service” that will help customers make better financial decisions.
“This new service will make the information accessible to a wider audience,” Mr Yamoshita said.
Mr Yamishita said the FSAJ would not be providing any details on how many advisers would be able access the service.
However, the government is considering requiring financial advisors to provide the information to customers by the end of next year.
Financial services regulator the FSA will also be working with the Bank of Japan to develop a new self-regulation system for its banks.
The bank said it had “completed the work on this” and is now preparing for the launch of the service next year, adding that it would offer more information on the new service later in 2017.
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