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Suncorp-Metway fined for violating consumer protection provisions

Suncorp Group Ltd. unit Suncorp-Metway Ltd. paid a total of A$530,000 in penalties and customer refunds for violating consumer protection provisions.

The company failed to inform customers of changes in the amount of their loan repayments between November 2015 and March 2016 due to an internal error. In some cases, the company failed to advise customers of their first direct debit default, leading to some customers inadvertently defaulting on their loans.

The company paid infringement notice penalties totaling A$270,000 together with remediation of A$260,000, the Australian Securities and Investments Commission said.

Suncorp also agreed to engage an external compliance consultant to review its processes and procedures in relation to the causes of the breaches. The consultant's report will be provided to ASIC.

As of Dec. 22, US$1 was equivalent to A$1.38.