ANZ under scrutiny

ANZ’s OnePath in Australia will pay A$4.5m in compensation over breaches relating to its life, general insurance, super and funds management activities, the Australian regulator says.

ASIC said the bank had agreed to an independent review of OnePath’s compliance functions.

It said it sought the review following a significant number of breaches reported by the ANZ Group in relation to its life, general insurance, superannuation and funds management activities.

From early 2013 to mid-2015, around 1.3 million customers were affected by breaches, requiring refunds and compensation of around A$4.5m ($5m), rectifications and other remediation of approximately A$49 million.