Regulatory Compliance & Engagement


Suncorp operates in a highly regulated industry and manages compliance with requirements overseen by key regulators.

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Implemented the Life Insurance Code of Practice

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Led an industry-wide review of the General Insurance Code of Practice

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Participated in the development of a revised Banking Code of Practice

Suncorp operates in a highly regulated industry and manages compliance with requirements overseen by key regulators including the Australian Securities & Investments Commission (ASIC), APRA, the Australian Transaction Reports and Analysis Centre, the Australian Securities Exchange (ASX), the Reserve Bank of Australia, the Reserve Bank of New Zealand, the Financial Markets Authority (FMA) in New Zealand and other financial regulators. We are members of the Financial Ombudsman Service (FOS) in Australia and the FMA in New Zealand, and comply with other strict regulations set out by State regulators.

We have a range of policies in place to ensure our people and systems comply with regulatory requirements. 

Suncorp is also a signatory to the General Insurance Code of Practice, Life Insurance Code of Practice and the Code of Banking Practice. The Board has accountability for the oversight of compliance management and actively promotes a risk-aware culture through the Enterprise Risk Management Framework (ERMF).

Compliance risks are reported to the Board quarterly through the Board Risk Committee. The ERMF links risk appetite to our strategy and business plan, and sets out accountabilities, governance arrangements and processes for risk management within the Three Lines of Defence model.

During 2017–18 Suncorp deployed the Enterprise Compliance Strategy, which is designed to enhance Suncorp's management of compliance obligations and, ultimately, prevent breaches.

Our Internal Audit team independently tests and verifies the effectiveness of Suncorp controls, risk standards and compliance, validates our ERMF and provides written reports to both the Board Audit and Board Risk Committees.