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ANZ pays additional A$10.5M over OnePath breaches

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ANZ pays additional A$10.5M over OnePath breaches

Australia & New Zealand Banking Group Ltd. will pay an additional A$10.5 million in compensation to 160,000 customers who were affected by breaches within the OnePath group.

The Australian Securities and Investments Commission said Aug. 10 that ANZ will provide the additional compensation due to incorrect processing of superannuation contributions and failure to deal with lost inactive member balances.

ANZ compensated about 1.3 million OnePath customers who were affected by breaches from early 2013 to mid-2015. The breaches required refunds and compensation of about A$4.5 million, rectifications and other remediation of about A$49 million.

OnePath has contacted most affected customers and finalized the majority of these additional compensation payments.

As of Aug. 10, US$1 was equivalent to A$1.27.