Suncorp may refund around $23 million to its customers following an investigation by the Australian Securities and Investments Commission.

The ASIC watchdog was called in after breaches were reported in Suncorp’s general and life insurance businesses, the bank has agreed to implement a number of enhancements to its existing program of compliance system improvement, according to ASIC.

The watchdog has commended Suncorp for reporting the breaches to ASIC when they were identified. ASIC has now recommended the bank commence repayments to 849,000 customers for $23 million.