Japan steps up probe of financial advisors

HONG KONG (MarketWatch)
Japan's financial regulator said Wednesday it has ordered all financial advisory companies in the country to submit details on their asset-management activities as it steps up oversight of the industry amid an investigation into alleged missing funds at AIJ Investment Advisors
The Financial Services Agency said it had asked 265 fund-management companies to disclose more information on their operations, including whether they had set up investment trust funds overseas and whether they use external auditors
The request followed the launch of a probe into AIJ, which was ordered last week to suspend operations by the regulators after revelations of big losses on funds it was managing affecting the pension accounts of small businesses