ANZ forks out further $10.5m for the breach of its super and insurance arm

ANZ forks out further $10.5m for the breach of its super and insurance arm

ANZ forks out further $10.5m for the breach of its super and insurance arm ANZ has paid an additional $10.5 million to 160,000 superannuation customers as compensation for the breaches within the OnePath Group between 2013 and 2016, the Australian Securities and Investments Commission (ASIC) has confirmed.

ANZ had to dole out a total of $53.5 million for the breaches that affected some 1.3 million OnePath customers early 2013 and mid-2015. Of the figure, $4.5 million had to be paid in compensation and refunds to customers.

In a statement, ASIC said the monitoring of a number of OnePath breaches “has resulted in ANZ (the parent company of OnePath) providing further compensation, mainly in relation to incorrect processing of superannuation contributions and failure to deal with lost inactive member balances correctly.”

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The corporate watchdog also confirmed that all six recommendations made by an independent review of OnePath's business activities have already been finalised. The final two recommendations were the last to be implemented following an independent review by PwC of OnePath's compliance functions announced in March 2016.

The review followed the reporting to ASIC by ANZ of a significant number of breaches in relation to its life insurance, general insurance, superannuation, and funds management activities.

ASIC said OnePath has contacted most of the affected customers and finalised the majority of the additional compensation payments.

ASIC will continue to monitor the breaches reported to us by ANZ until the matters are resolved, including any remediation where appropriate,” the regulator said.


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