On 24 February 2012, Japan’s Financial Services Agency (FSA) suspended AIJ from conducting business as it failed to account for the more than US$2 billion it oversaw for clients, including pension funds.
Japanese authorities, who are under increased pressure to scrutinize the loosely regulated asset management industry, have asked 265 advisory firms to fill out a questionnaire by the March-mid 2012. The reports must contain details of a firm’s operations, contracts and their amounts, and any past complaints from customers.
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The regulator will compile a shortlist by late March of companies that may need extra investigation based on the responses, a senior FSA official told the reporters.
"We see this as a very grave incident. By conducting inspections on all investment advisory firms, we hope to smoke out problems, if any," the official added.
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