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ASIC has recommended Suncorp Group Limited(ASX:SUN) refund customers around $23 million following an investigation into the group's life and general insurance businesses.
Suncorp has agreed to implement a number of changes to its existing program of compliance across its business.
ASIC says it sought the review after its own examination of a significant number of breaches reported by the group.
The corporate watchdog says in the period from June 2010 to date, over 849,000 customers have been affected by reported breaches, requiring refunds of approximately $23 million.
Deputy Chairman Peter Kell says Suncorp acted appropriately in reporting the breaches to ASIC as it identified them and in acting to remediate affected customers.
Suncorp generated a net profit of $577 million for the first half of the current financial year.
(20min delay)