Regulatory Breaches & Remediation

Regulatory Breaches & Remediation

We put the highest priority on measures aimed at ensuring compliance with our regulatory obligations and effective risk management practices designed to mitigate the risk of breaches.

Suncorp continues to prioritise enhancing processes and practices that ensure compliance with our regulatory obligations.

This includes continual improvement of risk management practices to prevent and mitigate the risk of breaches, and enhanced processes to identify breaches and remediate customers in a timely manner.

With oversight from the Australian Securities & Investments Commission (ASIC), we are finalising the remediation of customer outcomes on the quality of advice provided by our former financial planning business, Guardian Advice.

Our remediation program for past sales of MTA Insurance add-on products was completed in calendar year 2018, as planned. We have since undertaken further reviews and improvements of our product design and distribution processes, and have confidence these will enhance customer value and experience.