Finanical Services Agency increased disciplinary action by 50% in ’06

The Financial Services Agency clamped down on 163 financial institutions …up 50% from the year before.

Major banks, foreign banks, shinkin banks and credit associations, brokerages, and loan companies were caught in their misdeeds.

1. Moneylenders received 16 disciplinary actions, up from seven, for overzealous debt collection (Aiful) and other actions.

2. Auditing firms and CPAs saw disciplinary actions jump from three to 25.

3. Fifteen businesses and individuals were fined – 100 million to TTG Holdings alone for using false financial statements.

4. Sumitomo Mitsui Banking also received a suspension for pressuring clients to purchase derivative products.

Still, just 163 disciplinary actions is such a country with so many businesses….it doesn't seem like a lot to me.

What do you think?