Suncorp has finalised an independent review and remediation of compliance systems across its life and general insurance businesses.
The Australian Securities and Investments Commission (ASIC) requested the remediation program in June 2013 after it received reports of a large number of significant breaches.
The Board of Suncorp has provided ASIC with a report endorsing the completion of its system remediation program. Suncorp reported to ASIC four times throughout the implementation of the review.
ASIC said that the breaches affected more than 849,000 customers between June 2010 to June 2013, requiring refunds of approximately $23 million.
ASIC deputy chairman Peter Kell said: "ASIC welcomes the report, which followed a positive and constructive process with Suncorp. We are pleased that the Suncorp Group Board has given this matter the priority and attention it deserves.
"The independent review has led to necessary improvement in Suncorp's compliance systems, which will ultimately benefit consumers.
"Where significant breaches occur, it is important that a licensee report to ASIC and take appropriate steps to rectify identified problems and remediate affected customers," he said.
The changes made by Suncorp included investment in systems and increased monitoring and reporting within the Group's compliance functions.Author: James Fernyhough Source: Financial Standard