In 2018 Suncorp continued its involvement in the Australian Banking Association’s (ABA) Banking Reform Program, which sets out nine focus areas to improve the culture and conduct of banks while delivering better customer outcomes. We are committed to implementing the reforms within the agreed timeframes.
We strongly support the ABA’s Code of Banking Practice, which has been updated after an extensive review to better meet customer needs and community expectations for transparency and conduct. The revised Code has been approved by the Australian Securities & Investments Commission (ASIC) and Suncorp is committed to its implementation by 1 July 2019.
As Chair of the Insurance Council of Australia's (ICA) Code Governance Committee, Suncorp led the review of the General Insurance Code of Practice during 2017–18, to better reflect the industry’s strong commitment to improving customer outcomes. The new Code mandates standards of service beyond our existing statutory obligations, and makes provisions for those who may be experiencing a mental illness, financial hardship, family violence and for whom English is a second language. The updated General Insurance Code of Practice is expected to come into effect from 1 January 2019.
Suncorp took a leadership role in advocating for change to NSW Compulsory Third Party (CTP) insurance, which saw the average cost of a Green Slip lowered by $124. In the ACT, the Territory Government's Citizen's Jury recommended the introduction of no-fault (universal) coverage. Suncorp will continue to campaign for necessary reforms to CTP in Queensland to ensure the system is fairer and more sustainable. Suncorp continued to implement the FSC's Life Insurance Code of Practice, which also includes provisions for vulnerable customers experiencing hardship.