Liberal Democratic Party panels on financial policy and research voiced opposition Thursday toward a Financial Services Agency plan aimed at lifting all restrictions on banks entering the insurance business.
The decision was made at a joint meeting of the Research Commission on the Finance and Banking Systems and the Treasury and Finance Division of the LDP, which later asked the FSA to reflect the panels' opinions in its proposals.
Panel members voiced concern that banks could pressure their borrowers into buying insurance policies if they are allowed to engage fully in the insurance business, party officials said.