IFL: OnePath Custodians settles class action

Insignia Financial Ltd ABN 49 100 103 722
Level 1, 800 Bourke Street, Melbourne Victoria 3000
GPO Box 264 Melbourne Victoria 3001

ASX Release – 4 October 2024
OnePath Custodians settles class action
OnePath Custodians Pty Ltd (OPC), together with Zurich Australia Limited and ANZ Banking
Group Limited, have reached an agreement with the applicants to settle the class action
commenced by Slater and Gordon in December 2020 for a total of $50 million, of which OPC will
contribute $22 million.
The settlement is subject to court approval. It is made without any admission of liability or
wrongdoing by any of the respondents.
The class action was filed on behalf of certain members of the former OnePath Master Fund and
Retirement Portfolio Service. It relates to historical issues regarding interest rates paid on
members’ investments in certain cash investment options in the period prior to January 2020 and
the payment of grandfathered commissions to financial advisers in the period prior to April 2019.
The settlement will be expensed in 1H25 and excluded from Underlying Net Profit After Tax.
-ENDS-
This announcement was approved for release by Scott Hartley, CEO of Insignia Financial Ltd.

About Insignia Financial Ltd
Tracing our origins back to 1846, today the Insignia Financial Group is a leading Australian
wealth manager. Our services cover a wide range of financial needs, including:
• Financial Advice
Our employed advice businesses, Bridges and Shadforth, provide financial advice options
along the spectrum – from guidance and coaching to episodic and holistic advice, based on
client needs.

• Superannuation
As one of the largest superannuation and pension providers in Australia, we offer a number of
award-winning solutions used by many of Australia’s largest employers and independent
advisers.

• Wrap Platforms
We have built a strong and contemporary technology platform and remain committed to
investing in technology and our services to support the changing needs of advisers and their
clients.

• Asset Management
We offer access to a broad suite of investment capabilities across a range of multi-asset and
single asset classes, designed to suit a wide range of investor needs and risk profiles. Our
investment management is driven by a highly skilled team of investment professionals,
operating out of Australia, the USA and UK.

Further information about Insignia Financial can be found at www.insigniafinancial.com.au


Investor enquiries
Andrew Ehlich
General Manager Capital Markets
Insignia Financial
M: +61 407 223 044
E: andrew.ehlich@insigniafinancial.com.au
Media enquiries
Rebecca Chivers
Senior Manager Corporate Affairs
Insignia Financial
M: +61 416 465 597
E: rebecca.chivers@insigniafinancial.com.au