‘We can do better’ on compliance, says ANZ

Following the uncovering of a raft of compliance failures within ANZ's OnePath subsidiaries, the bank has apologised and said it has been "working hard" to improve its controls.

Yesterday, ifa reported that ANZ has engaged Pricewaterhouse Coopers (PwC) to conduct an independent compliance review within the bank's OnePath subsidiaries after compliance breaches between early 2013 to mid-2015 were "proactively" reported to ASIC.

ANZ Wealth Australia managing director Alexis George said while a majority of these compliance breaches occurred in the past, the bank still "can do better".

"We would like to apologise to impacted customers and assure them we've been working hard to improve our controls," Ms George said.

"We agreed with ASIC last year that an independent review of our systems will be undertaken to further strengthen our compliance systems."

According to Ms George, as soon as the bank became aware of the concerns in early 2013, ANZ reported the breaches to ASIC and "provided full cooperation" with the regulator's review of the matter.

"We've also taken significant additional steps to strengthen our compliance systems, including targeted external audits and additional staff training to improve monitoring, reporting and governance," Ms George said.

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

The bank stated that none of the breaches made by the bank's OnePath subsidiaries related to life insurance claims.

As part of the independent review, PwC will identify any gaps in OnePath's compliance systems and make recommendations to improve frameworks, policies and process. PwC is expected to report back both to ANZ and ASIC by the middle of the year.

 

Add comment


Security code
Refresh

Comments   

 
0 #1 Nobby Kleinman 2016-03-16 12:10
At night the company executives go home with their salaries intact. But if this had been an adviser, they would have been decimated by ASIC or FSC and had their livelihood ended.
When the shoe is on the other foot, the defence is simply to apologise and admit a "mistake." One that has been going on for years, but now they have been caught out.
As a percentage of bad apples, there may be 2% of advisers. As a percentage of badly run corporates it seems to be 100% of the majors.
Where is the equity in sanctions?
Quote
 

Feature Video

Latest Blogs

key-budget-changes-for-businesses

Key budget changes for businesses

Peter Bembrick: Small businesses in particular should benefit from these changes, which include: Company tax rate reduction Over the next decade, the company tax rate will be reduced to...More >>
robo-advice-it-s-not-about-us

Robo-advice – it’s not about us

Duncan McPherson: Sadly, it appears that the vast majority of comments are from a developer's or competitor's perspective, with very few focusing on the customer. My concern was...More >>
regime-change-why-advice-rules-must-be-unified

Regime change: Why advice rules must be unified

Philippa Sheehan: I think most of us can agree that for all its foibles, the AFSL regime is a vast improvement on all previous attempts to regulate...More >>

Latest Comments