ANZ admits OnePath managed poorly

ANZ Bank has admitted it poorly managed its OnePath financial advisory and life insurance arm, blaming more than a million breaches on a failure to thoroughly test systems.

Chief executive Shayne Elliott admitted to a federal parliamentary committee on Wednesday his bank had made mistakes with OnePath, including directing the superannuation of 1400 people into the wrong account.

"That was a mistake of reasonable magnitude," he told the House of Representatives economics committee in Canberra.

"What we've done is put it right for our customers and we've put them back to the situation they would have been in otherwise."

Mr Elliott insists the processes have been fixed to ensure the breaches can't happen again, and confirmed individuals involved had copped financial consequences.

"We made a mistake, it was poorly managed," he said.

"We didn't test our systems well enough in terms of making these transitions of super funds."

About $30 million was deposited into the incorrect superannuation funds with other breaches including ANZ failing to follow up on uncashed cheques including life insurance claims and super benefits.

The Australian Securities and Investments Commission found more than one million customers were impacted by the breaches.