6. Customer-oriented business conduct

SMBC Group was promoting reform initiatives including transition to a customer-oriented wealth management business at SMBC, when the Group began stepping up efforts to ensure customer-oriented business conduct in response to expectations from society.

In April 2017, the CS Improvement Subcommittee as well as the CS Improvement Committee (reorganized from the CS and Quality Improvement Committee of SMBC), bodies that deliberate on SMBC Group’s initiatives related to customer-oriented business conduct, were established under the Group Management Committee. Also, a responsible manager was appointed to each business unit to monitor and oversee related activities.

In June 2017, SMFG published its Basic Policy for Customer-Oriented Business Conduct along with a Basic Policy for Customer-Oriented Business Conduct specific to the Retail Business Unit. These were an outcome of revisions to the Fiduciary Duty Declaration, which was originally formulated and published in March 2016, with reference to the Principles for Customer-Oriented Business Conduct released by the Financial Services Agency.