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Suncorp paying $23m in refunds

Suncorp will pay back $23 million to customers after it failed to pass on promoted discounts. Suncorp will pay back $23 million to customers after it failed to pass on promoted discounts.

news.com.au        AAP        June 27, 2013 4:16PM

SUNCORP is paying back $23 million to customers who did not receive promoted discounts on their insurance policies.

The refunds are being paid after an investigation by the corporate regulator into Suncorp's IT, documentation and human resources systems.

The Australian Securities and Investments Commission (ASIC) undertook a review of Suncorp's business after the insurer reported system breaches to the regulator.

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."

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