Suncorp completes compliance work
Suncorp has finished remediating its life and general insurance businesses after breaches that saw the insurer pay back $23 million to customers.
Following an independent review and report to the Australian Securities and Investments Commission (ASIC), the insurer was asked to undergo a series of compliance changes, including new systems to monitor potential breaches.
It follows a request from ASIC after "a large number of significant breaches", which included failing to offer promoted discounts to several classes of customers, including those with Seniors Cards.
The breaches cost the insurer $23 million and affected more than 849,000 customers between 2010 and 2013.
‘The independent review has led to necessary improvement in Suncorp's compliance systems, which will ultimately benefit consumers," ASIC deputy chairman Peter Kell said.
"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."
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