RACQ has committed to keeping members up to date in relation to the outcome of the pricing promises review that we announced in June.
The Club had initially identified and self-reported a significant matter to ASIC relating to some of the wording in its insurance Product Disclosure Statements being inadequate to describe how premiums are calculated for optional benefits.
With support from KPMG, a diligent review process also found other matters where members did not receive the full benefit of discounts.
If you’ve received correspondence from us stating that you are entitled to a refund, please have your ‘Refund ID’ ready, click on the ‘Refund now’ button below and follow the prompts to supply your bank account details.
The total refund to members, across all pricing promises matters, is estimated to be in the range of $200–$220 million. This includes applicable duties, taxes and interest.
The majority of refunds relate to the optional benefits’ disclosure matter and will date back to March 2015. Up to 500,000 members will receive refunds because our disclosures were incorrect. We remain confident the premiums were calculated and charged to members as intended.
RACQ will also issue refunds to those members who have not received the discounts they were entitled to, and those refunds may date back to 2013.
Refunds will begin in September, however, given the complexity of the matters, the entire remediation program will take some time to complete.
Members do not need to take any action at this stage. Where further information is required, members will be contacted directly.
In keeping with our fair and open approach, the remediation program will be independently monitored by an external party.
We would again like to apologise for these regrettable errors because they are not in keeping with our high standards and values.
A significant investment is underway in RACQ’s systems and processes to deliver improved outcomes for our members, stronger risk management, simplified products and easier processes for our people.
Aside from the remediation program, the insurance business had an exceptionally challenging year as a result of issues faced by industry which will be further detailed in RACQ’s Annual Report to be released on 23 September.
RACQ remains financially strong to deliver on its commitments and support its ongoing operations to serve members.
Please only visit the RACQ pricing promises web page to claim your pricing promises refund. This is the only way you can securely supply your bank account details so we can process your refund.
RACQ will never text or email you asking for your personal or financial information to process your refund.
If you’re unsure whether a message (email, text or phone call) is from RACQ, please do not provide your bank account details or click on any links or attachments. Instead, contact us immediately on 1800 637 013 between 8am-6pm, Monday to Friday or visit your nearest RACQ store.
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.