The Financial Services Agency ordered the Bank of Tokyo-Mitsubishi UFJ on Monday to improve its business practices after a probe by authorities exposed poor treatment of investment trust services customers.
The financial watchdog ordered the bank to submit a business improvement plan by July 11 and report on its progress every three months. The agency also ordered the bank to punish the person or persons responsible for the errors.
The order is the first the FSA has given a bank regarding over-the-counter sales of investment trusts and the fifth slapped on the Mitsubishi UFJ Financial Group in the past six months.