{"id":32688,"date":"2016-03-15T13:37:18","date_gmt":"2016-03-15T02:37:18","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=32688"},"modified":"2016-03-16T07:20:17","modified_gmt":"2016-03-15T20:20:17","slug":"onepath-under-asic-review-after-compliance-breaches","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2016\/03\/15\/onepath-under-asic-review-after-compliance-breaches\/","title":{"rendered":"OnePath Under ASIC Review After Compliance Breaches"},"content":{"rendered":"<p>ANZ subsidiary, OnePath, will be subject to an independent compliance review after it reported a number of breaches to the Australian Securities and Investments Commission (ASIC).<!--more--><\/p>\n<p>ASIC stated that ANZ reported the breaches which took place from early 2013 to mid-2015 and affected around 1.3 million customers with around $4.5 million paid as refunds and compensation while rectifications and other remediation reached approximately $49 million.<\/p>\n<p>According to ASIC, the compliance breaches related to ANZ\u2019s life insurance, general insurance, superannuation and funds management activities which are operated under OnePath branded subsidiary companies, and specifically included:<\/p>\n<ul>\n<li>failure to provide disclosure documentation for some insurance products;<\/li>\n<li>inadequate systems or processes to ensure compliance including failure to contact customers, meet statutory timeframes or complete manual steps in a process.<\/li>\n<li>insufficient supervision of some outsourced functions, including third party call centres;<\/li>\n<li>processing errors, such as payments made to incorrect superannuation accounts; and<\/li>\n<li>significant time taken to identify some breaches.<\/li>\n<\/ul>\n<p>As a result of these breaches ASIC has engaged PricewaterhouseCoopers (PWC) to review the compliance management framework of the OnePath subsidiaries.<\/p>\n<p>This review will<\/p>\n<ul>\n<li>review and assess the design and operational effectiveness of the OnePath compliance management framework including policies and processes;<\/li>\n<li>assess the adequacy of processes designed to identify and manage the financial services laws which apply to the OnePath companies holding AFS licences; and<\/li>\n<li>identify any gaps in the compliance management framework and report back to the ANZ Group and ASIC.<\/li>\n<\/ul>\n<p>ASIC stated ANZ had been co-operative in its approach and had notified the regulator of the breaches and had agreed to implement recommendations from the PwC review.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ANZ subsidiary, OnePath, will be subject to an independent compliance review after it reported a number of breaches to the Australian Securities and Investments Commission (ASIC).<\/p>\n","protected":false},"author":3,"featured_media":32745,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,8],"tags":[4247],"class_list":["post-32688","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news","category-compliance-regulation","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/32688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=32688"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/32688\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/32745"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=32688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=32688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=32688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}