Suncorp announces new commitment to financial inclusion
Suncorp Group is now the only financial services company in Australia to hold a ‘Build’ level Financial Inclusion Action Plan.
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Suncorp’s latest Financial Inclusion Action Plan (FIAP) has been recognised at ‘Build’ level, acknowledging a commitment to more ambitious, deeper and broader actions over a longer term of three years.
Both Suncorp’s inaugural FIAP (released in 2017) and 2018-20 FIAP were both recognised as Foundation level FIAPs, however, Suncorp’s latest plan has taken greater steps making Suncorp the first financial services organisation in Australia to release a FIAP at this level.
These actions include Group level leadership consultation by exploring lower-cost home insurance solutions, ensuring people with lived experience of a range of vulnerabilities are involved in the decision-making process. During this time, Suncorp will also continue to deliver a number of core commitments through this plan over the next three years.
Suncorp Group CEO Steve Johnston
As an organisation that provides insurance and banking products and services to millions of households across Australia and New Zealand, Suncorp understands the important role we play in ensuring community members feel financially included and able to contribute to a sustainable economy.
“Our vision is a financial system that supports people in times of need, ensures access to suitable financial products and services, and builds capability that supports financial wellbeing, all of which contributes to a more resilient economy and nation."
In 2016, Suncorp joined Good Shepherd and the Centre for Social Impact to become a founding member of the Financial Inclusion Action Plan (FIAP) program, to improve the financial wellbeing of our customers, employees and communities.
Clive van Horen, Suncorp Bank CEO
As part of our commitment to promoting financial inclusion, we take a proactive approach to identifying customers in vulnerable situations, to address underlying issues that may contribute to vulnerability
"We continue to develop accessible, affordable and inclusive products and services to support and promote our customers’ ongoing financial wellbeing and resilience and recognise the need to ensure banking is accessible to everyone."
Read Suncorp's latest Financial Inclusion Action Plan 2022-25
