Suncorp Life and Superannuation have paid $1.Four million in repayment to 4,000 GuardianFP clients following a remediation software. In January 2015, the corporate watchdog observed deficiencies inside the life coverage advice Guardian Advice provided to its retail customers. It became worried that Guardian Advice had not complied with its popular responsibilities as an Australian Financial Services Licensee.
These included monitoring and supervising its representatives and making sure they had been thoroughly trained or competent. In November 2015, Suncorp announced it’d exit the economic planning business using Guardian Advice. However, the Australian Securities and Investments Commission (ASIC) acquired a dedication from Suncorp that it might complete the remediation application and fund clients’ compensation. ASIC stated Suncorp additionally compensated clients who may additionally have been prone to have received poor advice from “excessive-hazard” advisers “who have been identified the use of a range of danger metrics applied to all advisers in the Guardian Advice network.”