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ISCOVER
A review of Suncorp’s life and general insurance compliance systems has forced the group to implement a number of enhancements.
According to a statement from the Australian Securities and Investments Commission (ASIC), the Suncorp Group will implement a number of enhancements to its compliance system across its life and general insurance businesses.
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ASIC sought the review following its own examination of a significant number of breaches reported by the group.
Since June 2010, more than 849,000 customers have been affected by reported breaches, requiring refunds of approximately $23 million.
“Suncorp acted appropriately in reporting the breaches to ASIC as it identified them, and in acting to remediate affected customers,” ASIC deputy chairman Peter Kell said.
Suncorp has committed to improve the processes for monitoring and supervising representatives in its life and general insurance businesses.
In addition, the lender will report incidents and breaches in its life and general insurance businesses, administer insurance policy customer discounts in its general insurance business, and train representatives in its general insurance business.
Suncorp will report regularly to ASIC this year until the compliance system changes are complete.
“ASIC was keen to ensure Suncorp’s systems were adequate to prevent the breaches happening again so requested the independent review. Suncorp has taken a constructive approach and ASIC is pleased Suncorp is improving its compliance systems in a way the review suggested,” Mr Kell said.
