ANZ pays $10.5m more after OnePath breaches

11-Aug-2017

By Sarah Kendell

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ASIC has announced that an additional $10.5 million in compensation will be paid to 160,000 superannuation customers affected by breaches within ANZ subsidiary OnePath between 2013 and 2016.

The announcement followed the completion of an independent review by PwC in December 2016 that found about 1.3 million customers had been affected by a number of breaches at the group, including inadequate compliance systems and failure to provide insurance disclosure documents to customers.

The breaches recorded in the review resulted in ANZ paying out $4.5 million in compensation and spending $49 million on customer remediation.

The regulator said further monitoring of OnePath’s breaches had uncovered more customers who were owed compensation, mainly in relation to incorrect processing of super contributions and failure to deal with inactive balances correctly for members who had lost super accounts.

At the same time, ASIC said the final two recommendations from the PwC review had been enacted by OnePath.

The regulator added that OnePath, which had initially self-reported the breaches to ASIC, had contacted most of the affected customers and finalised the additional compensation payments.

It encouraged customers who thought they may have been affected by the breaches to contact the group.

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