SMBC reprimanded over forced swaps sales
Japanese regulators have criticised Sumitomo Mitsui Banking Corporation for compelling customers to buy interest rate swaps in exchange for extended loans.
The FTC did not penalise SMBC, but ordered it to stop the sales and ensure the coercion did not occur again. "Several tens" of customers were coerced into buying swaps over the last four years, the FTC said.
SMBC has until December 12 to appeal against the decision.
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