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BFCSA: ASIC orders review of OnePath after a "significant" number of breaches

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ASIC orders review of OnePath

Tuesday, 15 March 2016

ANZ has agreed to an independent review of one of its wealth subsidiaries after a "significant" number of breaches prompted ASIC to be concerned.  In a statement, the corporate regulator said ANZ's OnePath will be reviewed after the bank reported breaches in relation to its life, general insurance, superannuation and funds management activities.  These activities are operated through its wholly-owned OnePath group of subsidiary companies.

According to the statement, from early 2013 to mid-2015, around 1.3 million customers were affected by breaches, requiring refunds and compensation of around $4.5 million. This also required rectifications and other remediation of about $49 million, ASIC said.  In one instance, 1,400 superannuation fund members had $28.7 million in contributions allocated to the incorrect super account for a period up to 12 months.  ANZ has now returned these funds to the correct accounts and provided over $400,000 in compensation for lost earnings and/or incorrect fees, the statement said.  OnePath also failed to take further action in relation to 21,000 cheques it had sent to customers that were not banked within 15 months.  These cheques included proceeds of insurance claims, superannuation benefits and refunds of premiums. $2.9 million was ultimately returned to customers, with a further $11.6 million treated as unclaimed monies.  ASIC was concerned that these breaches reflected compliance issues, which may impact the AFSL obligations of entities within the ANZ Group.

ANZ has engaged PricewaterhouseCoopers to independently review the OnePath subsidiaries' compliance management framework, the statement said. The bank has also agreed to take appropriate actions to implement recommendations stemming from the PwC review. ASIC will further monitor the rectification of the breaches.  ASIC deputy chair Peter Kell said: "Appropriate compliance and systems to monitor compliance are essential for banks to adhere to their AFS obligations. This is important in maintaining customer trust and confidence in the sector."  "ASIC expects all AFS licensees to have systems in place to ensure they can satisfy their general AFS obligations."

Other breaches include failure to provide disclosure documentation for some insurance products and having inadequate systems or processes to ensure compliance.  "In some cases processes did not ensure reasonable steps were taken to contact customers or that statutory timeframes were met. Some processes included manual steps that were not followed up on," ASIC said.  Further, there was insufficient supervision of some outsourced functions as well as some processing errors, such as payments made to incorrect superannuation accounts.  The PwC review will review and assess the design and operational effectiveness of the OnePath compliance management framework, including policies and processes. It will also assess the adequacy of processes designed to identify and manage the financial services laws which apply to the OnePath companies holding AFSLs.  In addition, it will identify any gaps in the compliance management framework and report back to the ANZ Group and ASIC


ANZ to transition Oasis to Macquarie

2 February 2016

Elizabeth Somerville


ANZ has entered into an agreement for Macquarie Investment Management to develop a new wrap platform for the bank ’s advice partners in place of its current Oasis offering. The new platform will be available from May 2016 and as part of the agreement Macquarie will also provide administration services that Oasis is currently responsible for.   The transition to Macquarie is expected to take 18 months, during which time staff numbers in the Oasis business will be dramatically reduced. Currently there are 146 roles supporting the Oasis business, however, at the end of the transition, the majority of these will be provided by Macquarie.


ANZ pensions and investments managing director Peter Mullin said: “Detailed plans are being developed to support staff during the transition, which ensures they have time, support and notice to consider other options. “Their entitlements are protected and a full range of career support services will be provided.  “The decision to partner with Macquarie was made following an extensive business and market review and is the right decision for our customers. “We are now focused on making sure the transition to the new business is done in a respectful and well-organised manner.” Oasis currently has $6.9 billion in funds under management and serves more than 50,000 customers.   ANZ announced in September 2014 that it was exploring alternative approaches for the delivery of its wrap platforms and that as part of that process a divestment and partnership arrangement was being considered. The decision to look at “strategic options” for its wealth business would allow ANZ Wealth to focus on the core elements of its strategy, the bank said at the time.




UK Pension Transfers to the OnePath MasterFund

JULY 2015


Her Majesty’s Revenue & Customs (HMRC) has recently advised of changes in UK pension laws that have resulted in Australian Super funds, like the OnePath MasterFund, no longer retaining its status as a Qualifying Recognised Overseas Pension Schemes (QROPS).  From 6 April 2015, the changes to UK laws mean that recognised overseas pension schemes must comply with the UK Pension Age Test (i.e. that pension benefits are not payable to the member before the member reaches normal minimum pension age unless the ill-health condition is met).


What does the change mean?

Unfortunately, the UK requirements are not considered to be compatible with Australian superannuation law relating to the release of superannuation monies. As a result, the OnePath MasterFund is no longer accepting transfers of monies from UK pension schemes.  Caution should be taken when rolling an Australian superannuation fund containing UK transferred benefits to another Australian superannuation fund or KiwiSaver Account as an unauthorised payment charge could arise (a UK charge of up to 55%).


Which products which are impacted:

• ANZ Smart Choice Super and Pension

• ANZ Smart Choice Super

• OneAnswer Frontier Personal Super and Pension

• ANZ OneAnswer Personal Super and Pension

• Integra Super

• ANZ Super Advantage


Which Product Disclosure Statements (PDSs) are impacted?

This continuous disclosure notice provides updated information about QROPS under the following product disclosure statements:

• ANZ Smart Choice Super and Pension PDS dated 11 November 2013

• ANZ Smart Choice Super for Employers and their Employees dated 25 May 2015

• OneAnswer Frontier Personal Super and Pension PDS dated 1 July 2014

• OneAnswer Personal Super and Pension PDS dated 1 July 2014 (closed to new investors)


Please note these changes will be reflected in the relevant PDS at their next reissue.


What is the impact on UK transfers received before 6 April 2015?

HMRC has confirmed that members who transferred pension savings into the OnePath MasterFund prior to 6 April 2015 will remain subject to UK tax on the same basis as if the scheme had retained its qualifying status. They will be able to remain as members and receive a pension paid from the benefits transferred without automatically incurring additional UK tax more



OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) is the trustee and issuer of this information. The issuer is a wholly owned subsidiary of Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (ANZ). ANZ is an authorised deposit taking institution (Bank) under the Banking Act (Cth). Although the issuer is owned by ANZ it is not a bank. Except as described in the relevant Product Disclosure Statement (PDS), an investment in the product is not a deposit or other liability of ANZ or its related group companies and none of them stands behind or guarantees the issuer or the capital or performance of the investments. An investment is subject to investment risk, including possible repayment delays and loss of income and principal investedThis information is current at July 2015 but may be subject to change. Updated information will be available free of charge by calling Customer Services on 13 38 63. The information is of a general nature and does not take into account your personal objectives, financial situation or needs, and does not represent tax advice. Before making an investment decision, you should consider the relevant product disclosure statement (PDS) and any product/fund updates available at and consider whether the product is right for you before making an investment decision.




Legal issues, finance delay Trio distribution

29 Apr 2014 By Kate Kachor


Unresolved legal battles coupled with a lack of government-backed financial assistance have delayed a release of money to members of a Trio Capital-linked investment fund.   The anticipated distribution to Ualan-associated investment fund investors would now not proceed due to an outstanding potential claim involving Australia and New Zealand Banking Group (ANZ) and its wealth arm, OnePath, ACT Super Management said in a statement to members.  ACT Super had hoped to make a distribution to members of the funds in the first quarter of 2014 following the resolution of a St George claim.   In September last year, ACT Super finalised a settlement with St George Bank over a multi-million-dollar shortfall of funds associated with the collapse of property investment Ualan Carey Bay (UCB).   ACT Super withheld a portion of funds from members of five funds previously under Trio’s management, which had exposure to UCB’s parent entity and failed property developer Ualan Property Holdings


The cash had been withheld since 2009 to cover potential St George claims. As a result of the undisclosed settlement, fund members would receive a distribution of funds in 2014.   “ACT Super will review the funds’ ability to make a further distribution to members once the outcomes of the ANZ/OnePath claim and part 23 application for financial assistance are known,” ACT Super said in the statement dated 17 April.  “In the event that a further payment can be made following resolution of these matters, this will be made as soon as possible thereafter.” The second banking claim, made by Perpetual and OnePath, remained unresolved, it said.  “In relation to the remaining claim against the funds, notified by Perpetual/ANZ (OnePath), ACT Super is continuing to resist this claim and is seeking to settle the matter,” it said.  “Although ACT Super had hoped to settle this matter in early 2014, it is yet to be resolved.” The statutory limit for when a claim could be made could be up to 12 years, it said.


Perpetual/ANZ’s claim arose following a shortfall to the lender from the sale of a Ualan Property development in Somersby, New South Wales.  The outstanding application for part 23 government-backed financial assistance had also caused the distribution to stall, ACT Super said.   “As members are aware, the acting trustee is pursuing a part 23 application for a grant of financial assistance in relation to the losses sustained by the funds from their investment into Ualan,” it said.  “Following further dialogue with APRA (Australian Prudential Regulation Authority) in relation to the interpretation of fraudulent conduct as contemplated by part 23 of the [Superannuation Industry (Supervision)] Act, ACT Super has redrafted the application and recently submitted a revised final draft of the application to APRA for its consideration.  ” Trio collapsed in October 2009 with estimated losses of about $123 million.



Oasis in Brief    Oasis Management Company Ltd. ("Oasis") is a private investment management company that was founded 14 years ago by Seth Fischer. Today, Oasis is headquartered in Hong Kong with a research and advisory office in the US. Mr. Fischer, who founded Oasis after a successful seven-year career at Highbridge Capital Management where he managed the firm’s Asian investment portfolio, is joined at Oasis by a team of over 25 professionals with significant investment and operational experience in Asia. Our skilled investment team identifies, analyzes and invests in short and long opportunities in a wide array of asset classes across countries and industries. Since inception, Oasis flagship funds have produced net annualized returns of approximately 18.03% through the end of 2015.

History    Oasis is an exempted company with limited liability incorporated in the Cayman Islands. Formed in January 2002 as a joint venture between DKR Capital Partners and Oasis Management Holdings, Oasis was known as DKR Oasis prior to a name change in 2011, and served as the investment manager to the DKR SoundShore Oasis Fund. At its peak, the DKR Oasis Fund had total assets under management of approximately US$ 3.3 billion. The DKR Oasis Fund produced 14.5% net annualized returns, with a volatility of 11%, and with the exception of 2008, never had a year with less than double digit positive returns.   In June 2011, the DKR Oasis Fund was wound down, and on November 1, 2011, Oasis launched the Oasis Investments II Fund ("Oasis II Fund"), a global, market neutral, multi-strategy private fund with a primary focus on Asia. The Oasis II Fund’s capital is dynamically allocated between the following key areas of focus:    Oasis's investors include large institutional investors, sovereign wealth funds, private pension funds, government agencies, multi-national institutions, leading financial firms including Japanese, US, Australian and European banks and family offices.


Once $4.3 billion, DKR falls to $40 million

05 Oct 2011

The firm says operations will continue. Two quantitative funds remain.  DKR Fusion Management, which once managed $4.3 billion in multiple strategies, is down to $40 million after nearly $500 million in redemptions this summer.  This year’s asset drop marked just the latest setback in DKR’s long, slow decline. The firm was founded by Drexel Burnham Lambert alumni Gary Davis and Barry Klein in 1992 as part of the AIG Trading Group, which bought Drexel’s trading platform when the junk bond powerhouse imploded. Known as DKR Capital, the company was first run as a traditional fund of funds before bringing its own traders in-house in 1994. In 2000, ......




SECURITIES EXCHANGE ACT OF 1934 Release No. 57961 / June 12, 2008

INVESTMENT ADVISERS ACT OF 1940 Release No. 2744 / June 12, 2008


The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Section 21C of the Securities Exchange Act of 1934 (“Exchange Act”) and Section 203(e) of the Investment Advisers Act of 1940 (“Advisers Act”), against DKR Oasis Management Company, L.P. (“DKR Oasis” or “Respondent”)...........(.pdf attached)


DKR Appoints Senior Managing Director

Oct 25 2007 | 10:46am ET

DKR Capital, the $4.2 billion Stamford, Conn.-based multi-strategy shop, has appointed Roger Gordon as senior managing director.  In his new position, Gordon will be focused on portfolio strategy and business development for DKR Wolf Point Management, a long/short, corporate credit and multi-strategy fund that had $121 million in assets under management as of July 1.   Gordon joins DKR from Quarry Point Partners, which he co-founded. He has also held senior roles at Banc One Capital Markets and at Goldman Sachs, where he was the head of global high yield research and strategy.  “We are delighted to welcome Roger to DKR Wolf Point,” said Brian Schinderle, the head of the DKR Wolf Point program. “His extensive experience and strong reputation in the leveraged finance field will be a valuable addition to our team. We look forward to the key role that Roger will play in DKR Wolf Point’s future growth.”  DKR Capital has affiliated offices around the globe and its current lineup of strategies include convertible arbitrage, event driven, merger arbitrage, credit, long/short equity, hedged equity, managed futures, currency and multi-strategy.



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  • organza
    organza Thursday, 02 June 2016

    Rather telling. Could offer explanation for mooted changes to our superannuation that certain politicians are getting their knickers in a knot over when being questioned in the media. I personally know somebody who was forced to move home to the UK several months ago through problems involving the transfer of her UK pension. I assume this snippet might offer some explanation......
    Unfortunately, the UK requirements are not considered to be compatible with Australian superannuation law relating to the release of superannuation monies. As a result, the OnePath MasterFund is no longer accepting transfers of monies from UK pension schemes. Caution should be taken when rolling an Australian superannuation fund containing UK transferred benefits to another Australian superannuation fund or KiwiSaver Account as an unauthorised payment charge could arise (a UK charge of up to 55%)....So what pickle might UK citizens who took up the invitation to come and retire in the land of fraud be in when the condition was to open a super fund and buy a property???

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