Suncorp Life & Superannuation Ltd. paid about A$1.4 million in compensation to more than 4,000 clients of GuardianFP Ltd.
The compensation is part of a remediation program for GuardianFP's clients who had received poor advice from "high-risk" advisers, according to the Australian Securities and Investments Commission.
The commission imposed additional conditions for Suncorp Life's Australian financial services license after it found deficiencies in GuardianFP's life insurance advice to retail clients. The commission was concerned that GuardianFP failed to comply with its general obligations as an Australian financial services licensee, including monitoring and supervising representatives.
When Suncorp Life announced its exit from the financial planning business carried on by GuardianFP in November 2015, the commission secured a commitment from Suncorp Life to complete the remediation program and fund the compensation of GuardianFP clients.
Suncorp Life & Superannuation, now known as Asteron Life & Superannuation Ltd., was acquired by TAL Dai-ichi Life Australia Pty Ltd. from Suncorp Group Ltd. in February 2019.
