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.

Suncorp operates across a number of highly regulated industry sectors. There have been, and continue to be, significant domestic and global legislative and regulatory reforms and proposals, as well as numerous government and regulator consultations, reviews and inquiries which may result in changes that may impact Suncorp Group and its operations in Australia and New Zealand.

Suncorp is committed to embracing regulatory changes and is well placed to respond through the continuation of the Regulatory Program. Suncorp is taking active steps to implement changes with a number of improvements already in place. Suncorp is engaging with regulators, the government and industry bodies to provide feedback and guide the policy direction. 

#​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. 

#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.