We proactively participate in government inquiries to help shape policy that delivers better customer outcomes and improves competition. This year we made 19 submissions to government inquiries.
The Royal Commission into Misconduct in the Banking, Superannuation & Financial Services Industry
Suncorp is committed to supporting the Royal Commission and welcomes any measures that deliver improved outcomes for customers.
The Productivity Commission Inquiry into Competition in Australia’s Financial System
Suncorp was actively involved in a 12-month Productivity Commission review that recommended ways to address the unlevel playing field and improve consumer outcomes while maintaining financial and economic stability.
Banking Executive Accountability Regime
Suncorp and our executives fully support and will implement the Banking Executive Accountability Regime, which introduces new standards of accountability for banks’ senior executives, administered by Australian Prudential Regulation Authority.
Northern Australia Insurance Premiums Taskforce
The Australian Government’s expert taskforce, the Northern Australia Insurance Premiums Taskforce, handed down its final report in December 2017. The Taskforce found that natural hazard mitigation is the only sustainable response to improve insurance affordability in northern Australia. Suncorp made a submission to the Taskforce in 2016 that strongly supported mitigation. We welcomed the Taskforce’s findings and will continue to support any increased mitigation effort.
We have updated our position statement on Political Engagement and during 2017-18 Suncorp made no political donations.