Suncorp paying $23m in refunds
Adam Sanders Bank Victims June 27, 2013
The Australian Securities and Investments Commission (ASIC) undertook a review of Suncorp's business after the insurer reported system breaches to the regulator.
SUNCORP is paying back $23 million to customers who did not receive promoted discounts on their insurance policies, as reported by The Australian today.
The refunds are being paid after an investigation by the corporate regulator into Suncorp's IT, documentation and human resources systems.
Suncorp had failed to provide promoted discounts to some customers with multiple policies, some senior card holders with home and contents insurance, and some customers who bought contents insurance online.
Customers of Suncorp Metway Insurance, AAMI, GIO and Suncorp Life were among those affected.
ASIC deputy chairman Peter Kell said Suncorp had acted appropriately in reporting the problem to the regulator and refunding the affected customers.
"ASIC was keen to ensure Suncorp's systems were adequate to prevent the breaches happening again so requested the independent review," he said in a statement.
"Suncorp has taken a constructive approach and ASIC is pleased Suncorp is improving its compliance systems in a way the review suggested."