Thursday, November 11, 2010

Whats in a Name? ING changes to OnePath to Escape Dubious Past

Interesting the name change from the old ING financial services company to OnePath Ltd has come under the radar of most:

Australia & New Zealand Banking Group, the country's biggest lender, rose 0.2% to $30.55 after it said it was bringing the old ING New Zealand Ltd unit in-house a year after the Australian parent bank bought the remaining 51% of the trans-Tasman funds manager it didn't own.

OnePath Ltd, the new name for the ING unit, has been rolled into the bank's ANZ Wealth group, centralising the lender's insurance, funds management, private banking and investment arms under one umbrella.

As part of the deal, Helen Troup, who headed up the former ING units will leave the business after two years at the top. ANZ's John Body will take charge of the merged unit from next week.
TVNZ, Nov 9 2010

The name change happened back in August and I was reminded of it again yesterday when I saw their glossy new TV ad.

We must be reminded though that ING/ANZ investors were duped into buying into highly risky funds after being told by their teller at ANZ, their investment advisers or ING directly that they were getting low risk investments, and many investors in funds of the formerly named ING have lost millions as a result of that poor investment advice.

Changing its name from ING to OnePath Ltd doesn't change anything material. The same people - bar a bit of surface shuffling of management - are still there and their financial services training, if they have had any at all, is still sadly wanting. By implication you will get the same sort of poor advice from OnePath that you have been getting from ING.

All the glossy TV advertising and media PR will not hide the fact that 10s of millions of dollars of investor money has been lost and ANZ/ING/OnePath still refuse to admit fault and recompense customers for their incompetence.

Restitution should be made before "moving on" by changing its name and hoping the public is going to forget the past.

Unfortunately I think many will be sucked in, again.

Let this be a reminder.

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