RAC’s insurance arm blasted by Australian Prudential Regulatory Authority over ‘significant board weaknesses’

The RAC will have to bulwark its key insurance business with an extra $20 million after a damning review by the prudential watchdog cited “significant” failures across its board.

The Australian Prudential Regulatory Authority said a governance review of RAC Insurance “ revealed significant weaknesses in areas of outsourcing controls, conflict management and board decision making”.