Prudential Financial announced that its Japanese subsidiaries, Prudential of Japan (POJ) and Gibraltar Life, have received business suspension and improvement orders from Japan's Financial Services Agency (FSA) following an investigation into misconduct. The orders halt certain new business solicitations until early 2027 and require the submission of business improvement plans.
Key Details
- Suspension Terms: Prudential of Japan faces a full business suspension, while Gibraltar Life faces a partial suspension for its Life Consultant channel. Both suspensions extend until January 31, 2027.
- Regulatory Requirements: The affected subsidiaries, along with Prudential Holdings of Japan, must submit business improvement plans to the FSA by the end of November 2026 and report on their progress regularly.
- Company Response: The company is taking remediation actions to strengthen governance and accountability. Management has reaffirmed that Japan remains a key strategic market for Prudential Financial.