ANZ to conduct internal review after breaches identified

ANZ Bank is to conduct an internal review after breaches impacting 1.3m customers were reported by the Australian Securities and Investments Commission (ASIC); PwC has been hired to review its insurance and superannuation unit, OnePath. The breaches included not following up on some unbanked cheques and superannuation contributions not being allocated to the customers' correct account. Since 2013, ANZ has compensated around $4.5m to about 1.3m OnePath customers.

ANZ Bank will conduct an independent review after breaches affecting 1.3 million customers were identified, including super contributions being paid to the wrong account.

It has hired professional services firm PwC to review its insurance and superannuation unit OnePath after compliance breaches were reported the Australian Securities and Investments Commission.

ANZ said Tuesday that the breaches included not following up on some unbanked cheques and superannuation contributions not being allocated to the customers’ correct account.

None of the breaches relate to life insurance claims.

Since February 2013, ANZ has compensated approximately $4.5 million to around 1.3 million OnePath customers.

ANZ wealth Australia managing director Alexis George apologised to OnePath customers and assured them that it’s working hard to improve its controls.

The review by PwC began in January, and is expected to report back to both ANZ and Australian Securities and Investments Commission by the middle of the year.

As part of the review, PwC will identify any gaps in OnePath compliance systems and make recommendations to improve frameworks, policies and processes.

The compliance breaches were reported to Australia’s corporate watchdog from early 2013.