Fair Conduct Summary
Our Fair Conduct Programme is designed to demonstrate our adherence to the Fair Conduct Principle and instruct our people how to facilitate fair treatment to our customers. Our policies, processes and systems for an effective conduct programme addresses:
- Paying due regards to customers’ interest;
- Acting ethically, transparently and in good faith;
- Assisting consumers make informed decisions;
- Ensuring the products and services Pacific provide are likely to meet the requirements and objectives of likely consumers (When viewed as a group); and
- Not subjecting consumers to unfair pressure or tactics or undue influence.
Note: This is a summary of the Fair Conduct Programme (FCP) prepared for Pacific International Insurance Pty Ltd (“Pacific”) under section 446G of the Financial Markets (Conduct of Institutions) Amendment Act 2022.
Relevant Products and Services
Pacific act as the Insurer for PD Pet Insurance. (designed to cover the cost of unforeseen accidental injury and/or veterinary expenses for eligible domestic Dogs and Cats)
How will we adhere to the principle
Pacific regularly monitors and reviews its internal processes to ensure its adherence to the principle. This enables us to identify opportunities to enhance and improve our system, which then translates to better service to our customers. These processes include (but are not limited to):
- Mandatory completion of training and setting expectations of conduct for all staff.
- Clear channels for all staff to escalate issues to management.
- Staff and Customer Feedback.
- Complaints.
Pacific monitor and oversee its intermediaries periodically reviewing that their conduct is in compliance with the Fair Conduct Principle.
Regularly reviewing the distribution methods
We review our Distribution Methods periodically to assess that our products and services are suitable for the consumers it is designed for. Distribution methods for Direct Products are reviewed annually as a part of the annual review of the Fair Conduct Programme. They are also reviewed ad hoc by identifying flaws or opportunities to improve the methods. Our triggers for review include:
- Claims experience;
- Staff Feedback;
- Customer Feedback;
- Complaints; and
- Routine reviews or Enhancement Projects.
Distribution Methods for intermediaries’ products are reviewed by the intermediaries’ and they report to Pacific monthly.
Remedying deficiencies
If deficiencies are identified in either Direct or Intermediaries Products, the deficiency will be assessed by Pacific for criticality and sensitivity, then remediated according to internal guidelines.
Any remediation that could materially affect policyholders will be communicated via email within 2 business days of the change being implemented. Any changes that will not materially affect policyholders will be published on the public facing website of the applicable product within 10 business days.
