ASIC notes the announcement by Suncorp Life that it will exit the financial planning business carried on by Suncorp Group-owned Guardian Advice.

In December 2014, ASIC imposed conditions (additional licence conditions), on the Australian financial services (AFS) licence of Guardian Advice following a surveillance which uncovered deficiencies in the advice it provided to retail clients (refer: 15-003MR).

Suncorp Life and Superannuation Limited (Suncorp) has undertaken to ASIC to complete the client remediation program of work provided for in the additional licence conditions and to fund the compensation of Guardian Advice clients, if required.

Suncorp has also committed that all relevant recommendations made by the expert appointed to Guardian Advice, under the additional licence conditions, will be implemented in the continuing Suncorp financial advice business.