Numerous media outlets reported today about an appalling situation at ANZ Bank’s insurance and superannuation arm, OnePath.
Apparently there has been a series of breaches affecting 1,300,000 customers, some of whom had their super paid into the wrong account for up to a year.
The review comes after markets regulator ASIC raised concerns about compliance at the OnePath division.
Concerns! I hope they are more than a tad concerned.
Mind you ANZ has a reputation for incompetence in the area of superannuation management. It lost millions of dollars of people’s superannuation by investing in Basis Capital – the disastrous investment share that started the GFC. It ruined people’s lives, but not management’s bonuses.
There is a very simple reason OnePath is not compliant. The staff cannot even perform the most basic clerical duties. Here’s a typical example:
Today I received this letter in the mail.
I’ve not opened it, just as I haven’t opened similar ones from OnePath for the last six years. And for the four years prior to that, I didn’t open the envelopes when OnePath was known as another brand.
The reason I didn’t open them is simple – they are addressed to the previous owner of our house. We bought the house in 2005. We have been returning the owner’s mail to his superannuation company for ten years – and still they send it to the incorrect address. I suspect another marketing automation fail?
So forget BIG DATA folks. If you cannot change small data like a customer’s address, particularly for something as regulated as superannuation, you deserve to be investigated in every nook and cranny of your business.
And I hope OnePath gets well and truly investigated.
I’m no financial adviser, but if my superannuation or insurance was with OnePath I’d seriously reconsider my investment.
Hang on, I just remembered – I’m with ANZ…