Embracing Regulatory Change

Embracing Regulatory Change

The financial services industry has seen a high volume of regulatory-driven change, which presents opportunities to improve outcomes for customers. We are committed to working with regulators to implement these changes.

#​Banking Executive Accountability Regime

Suncorp continues to support the principles of the Banking Executive Accountability Regime (BEAR), a regulatory initiative that helps drive greater clarity of accountability and good governance practices across the Australian banking sector. Accountability statements outlining the individual accountabilities for relevant Suncorp executives and Board members have been lodged with the Australian Prudential Regulatory Authority (APRA). All Accountable Persons have a BEAR-compliant remuneration structure. The Suncorp Executive Leadership Team have had this structure since 1 July 2018. 

#Breaches and remediation

Suncorp is committed to enhancing the experience of our customers. We maintain, monitor and continuously improve our processes and practices to identify, assess and rectify breaches that do occur. We aim to learn from mistakes and remediate impacted customers in a timely manner. 

Our product design and distribution strategies have been reviewed to enhance customer value and experience.

In FY21, Suncorp New Zealand continued its customer remediation program and is working with corporate partners and brokers within the industry to assess and remediate a number of situations affecting customers. 

In completing due diligence across our former financial planning businesses, Guardian Advice and Suncorp Financial Planning, Suncorp identified and remediated customer fees where no service was provided. 

#Suncorp’s Model Litigant and Dispute Resolution Principles & Guidelines

Suncorp is committed to doing the right thing by our customers. We work to deliver the right outcomes to protect what matters and build futures for our whole customer group.

*This refers to Stephen Sedgwick’s retailbankingremreview.com.au Retail Banking Remuneration Review dated 19 April 2017.