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.

We operate within a strict regulatory framework that guides how, and when, to conduct client reviews and remediation if there is a compliance failure or legislative breach. 

Suncorp continues to look for ways to improve our risk management approach including responding to changing regulatory requirements and community expectations.

We are currently working with the Australian Securities & Investments Commission (ASIC) to remediate customer outcomes from our former financial planning business, Guardian Advice. During 2017–18 significant progress was made on the assessment of financial advice previously provided by authorised representatives of Guardian, as well as finalising remediation outcomes for affected customers. Suncorp is on track to complete this by the end of February 2019.

We are also working closely with ASIC to remediate customers who were sold add-on insurance products from one of our subsidiaries, MTA Insurance. In the best interests of our customers, Suncorp has discontinued the sale of these products. We are committed to delivering high-quality products that provide good customer outcomes, and will continue to work closely with ASIC to endeavour to meet community and regulator expectations.