ANZ to Pay $4.5 Million in Compensation After Compliance Review
Posted: Mon Mar 14, 2016 10:05 am
The Australian Securities & Investment Commission (ASIC), the national regulator of local financial companies, has issued concerns about the activities of the Australia and New Zealand Banking Group (ANZ). As a result, the entity has decided to carry out an audit of its OnePath subsidiaries, according to the ASIC statement.
The local watchdog highlighted a number of violations related to ANZ Group’s activities in the field of fund management and insurance services. Operations in this area are supported by a number of the firm’s auxiliaries, operating under the OnePath brand.
During a period of more than two years (2013-2015) over 1.3 ... (read more)