Page last updated 8 June 2022

At RACQ, we know that trust in our organisation is built on being open, fair and transparent with our members.

Following an internal review, RACQ has found some of the wording in our Product Disclosure Statements was inadequate in describing how several of our discounts were applied to insurance premiums.

This has resulted in RACQ self-reporting a regulatory breach to ASIC. The error has since been corrected to address the inconsistency.

Separately, as part of ASIC’s industry-wide pricing promises review, professional services firm KPMG found that in a smaller number of cases, some members may not have received the full discounts they were entitled to.

To our members

These reviews highlighted that, over time, our systems and processes were not as strong as they should have been and we should have identified this sooner.

RACQ is committed to resolving this issue. We want to assure you that you do not need to take any action at this point. We will be providing regular updates on this matter on this page.

We have started a remediation program which will identify all impacted members who will receive refunds, and a dedicated Remediation and Rectification team will manage this. This will take some time as we work through the process.

This program will be independently monitored by an external party, supporting our open, fair and transparent approach to resolving this matter for our members.

Looking forward

We are undertaking a significant investment in our systems and processes that will deliver improved outcomes for our members and result in stronger risk management, simplified products and easier processes for our people.

This increased investment in risk management, compliance and oversight will also give us the flexibility and agility to meet the evolving needs of our members quickly and efficiently – positioning us well for the future.

RACQ remains financially strong to deliver on its commitments and support its ongoing operations to serve you, our members.

FAQs

Contact us

We are here to help. If you have questions about the remediation process, please contact us.

Things to note 

Insurance products (excluding Travel Insurance and the Life and Income Protection Insurance suite of products) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the PDS and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.