• Kyodo News


Financial Services Agency Commissioner Hirofumi Gomi will be replaced with his supervisory aide known for strict discipline on financial institutions, sources close to the matter said Sunday.

Takafumi Sato, chief of the FSA’s Supervisory Bureau, will be appointed commissioner after the end of the Diet session, currently scheduled for next Saturday.

Sato, 57, has been heading up the FSA’s supervisory division to seek compliance among financial institutions. Under his initiative, the agency suspended part of the operations of consumer lenders for aggressive collection tactics and a major bank for illicit loans while punishing illegal nonpayment of insurance claims by life and nonlife insurers.

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