About $117 million was returned last financial year to consumers who bought add-on products from motor vehicle dealers, the Australian Securities and Investments Commission (ASIC) says.

The refunds from QBE, Swann, Allianz and Suncorp were part of ASIC’s program to help consumers who bought products such as consumer credit cover and tyre and rim insurance.

“These insurers provided refunds for the sale of insurance that provided low or no value to customers,” the corporate regulator says in its annual report.

“In some cases, the cover was sold to consumers who were unlikely ever to be able to claim.”

ASIC secured about $351.6 million in compensation and remediation from the financial services sector in the year.

Its surveillance actions led to $42.2 million in civil penalties and 22 criminal convictions.

Chairman James Shipton says the regulator will step up action on poor corporate behaviour and support the Hayne royal commission’s work to raise industry standards.

“The royal commission has shone a
bright light on the consequences of financial services misconduct,” he said. “We are focusing on identifying, diagnosing and then addressing the harms and behaviours that endanger trust and integrity in our financial markets.”