The corporate regulator has launched court action over renewal notices sent to more than half a million customers, that promised discounts that weren't always delivered. QBE has apologised and says it has cooperated with ASIC.
QBE has apologised for what it describes as "the inconsistencies" and said it will continue to work with the regulator. ASIC has launched court action over policy renewal notices sent to more than half a million QBE customers, that promised discounts that may not have been delivered.The case has been lodged in the federal court and QBE could face civil penalties as a result of the proceedings.
"ASIC alleges QBE’s pricing model potentially eroded the discounts received by over half a million customers, in some cases to nil," ASIC deputy chair Sarah Court said. The discounts were offered through more than 500,000 renewal notices to retirees, loyalty customers, QBE shareholders, those holding multiple policies with the insurer, and those who hadn't made any claims on their policies, ASIC outlined.
"The proceedings relate to previously reported inconsistencies in the delivery of price promises made to customers," a statement to the stock exchange read.
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