Suncorp forced to boost compliance

According to a statement from the Australian Securities and Investments Commission (ASIC) today, the banking group was found to have perpetrated a number of compliance breaches, affecting over 849,000 life and general insurance customers and resulting in $23 million in refunds.

Suncorp has now agreed, following the independent review, to implement a number of enhancements to its compliance program, including “monitoring and supervising representatives in its life and general insurance businesses, reporting incidents and breaches in its life and general insurance businesses, administering insurance policy customer discounts in its general insurance business, and training representatives in its general insurance business.”

ASIC deputy chairman Peter Kell said that the group “acted appropriately in reporting the breaches to ASIC as it identified them, and in acting to remediate affected customers”.

“ASIC was keen to ensure Suncorp’s systems were adequate to prevent the breaches happening again, so requested the independent review,” Mr Kell said.

“Suncorp has taken a constructive approach and ASIC is pleased Suncorp is improving its compliance systems in a way the review suggested.”