ANZ re-assesses sale of OnePath
ANZ will re-assess the sale of its wealth business, OnePath to IOOF following the announcement on Friday that the Australian Prudential Regulation Authority will take action against a number of executives of the business including the chair and managing director.
APRA said it would seek Federal Court approval to disqualify three executives and two directors from the industry for failing to act in the best interests of superannuation members.
The individuals included in the disqualification proceedings are managing director Chris Kelaher; chair George Venardos; chief financial officer David Coulter; general manager – legal, risk and compliance and company secretary Paul Vine and general counsel Gary Riordan.
APRA also said it was seeking to apply additional licence restrictions on IOOF.
The move comes following revelations in the royal commission that IOOF confronted a number of conflicts of interest.
ANZ agreed to sell its OnePath business – which included pensions and investments - to IOOF in October 2017.
“Given the significance of APRA’s action, we will assess the various options available to us while we seek urgent information from both IOOF and APRA,” ANZ deputy CEO Alexis George said.
“The work to separate pensions and investments from our Life Insurance business continues. There is a framework available to complete the Zurich transaction that does not involve IOOF,” George said.