Suncorp Life and Superannuation has remediated more than 4000 Guardian Advice clients for poor financial advice.
ASIC today confirmed Suncorp has completed the remediation program for more than 4000 GuardianFP clients, paying out a total of $1.431 million.
Suncorp undertook the program after the corporate regulator imposed additional licence conditions on the Guardian Advice AFSL in 2015 after it found the life insurance advice being provided to retail clients was defective.
ASIC was concerned Guardian Advice had failed to comply with its general obligations as an AFS licensee, including monitoring and supervising its representatives and ensuring they were adequately trained or competent.
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A number of clients suffered harm as a result of these failures, ASIC said.
In November 2015 Suncorp said it would exit the Guardian Advice business, but committed to ASIC to see through the remediation program and fund the compensation.
In addition, Suncorp also compensated clients who may have been at risk of having received poor advice from 'high-risk' advisers, who were identified using a range of risk metrics applied to all advisers in the Guardian Advice network.
Affected clients were also compensated under this remediation program, ASIC said.