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14-284MR Suncorp finalises review of compliance systems
Suncorp Group (Suncorp) has finalised the independent review and remediation of its compliance systems requested by ASIC. The Board of Suncorp has provided ASIC with a report endorsing the completion of its system remediation program.
In June 2013, Suncorp agreed to implement a number of enhancements to its compliance systems specifically across its life and general insurance businesses, following a large number of significant breaches reported to ASIC (refer: 13-155MR).
Suncorp reported to ASIC four times throughout the implementation of the review.
In the period from June 2010 to June 2013, over 849,000 customers were affected by the reported breaches, requiring refunds of approximately $23 million.
Deputy Chairman Peter Kell said, 'ASIC welcomes the report, which followed a positive and constructive process with Suncorp. We are pleased that the Suncorp Group Board has given this matter the priority and attention it deserves.
'The independent review has led to necessary improvement in Suncorp's compliance systems, which will ultimately benefit consumers.
'Where significant breaches occur, it is important that a licensee report to ASIC and take appropriate steps to rectify identified problems and remediate affected customers', Mr Kell said.
The changes made by Suncorp included investment in systems and increased monitoring and reporting within the Group's compliance functions. ASIC remains committed to ensuring the improved compliance processes of Suncorp result in appropriate outcomes for consumers.
Customers with questions can contact Suncorp on 1800 768 712.
The breaches reported by Suncorp included failure to provide promoted discounts to:
- eligible multi-policy general insurance customers
- some Seniors Card holders on their home and contents policies, and
- some customers who purchased contents insurance with a portable cover option online.
The breaches also included failure to disclose significant policy upgrades to some life insurance customers.