(Reuters) – Friday’s order by Australia’s Federal Court to a lender Westpac Banking (NYSE:) Corp’s Superannuation Agent to Pay A$20 Million ($14.96 Million) as Penalty for Incorrect Insurance Charges

The court ruled that BT Funds Management wrongly charged members of its superannuation funds insurance premiums. These included commission payments, despite a prohibition under the Future of Financial Advice reforms of 2013

The court found that BT Funds had charged these commissions up to 2020.

The court found that BT Funds had misrepresented its members in periodic statements. This indicates that appropriate deductions were taken even though they were prohibited.

The Royal Commission 2018 investigation into Australian banks and financial institutions found many deficiencies, prompting a review.

The bank was the victim of six civil penalties filed last November by Australian Securities and Investment Commission (ASIC), alleging widespread compliance violations across many companies.

ASIC and Westpac then jointly offered a penalty of A$113 Million to the Federal Court. ASIC said that it will compensate A$80 millions to those customers.

ASIC (had), Westpac, and ASIC (had), jointly submitted proposed penalties for each proceeding. The penalties are subject to court approval, and were substantially included in the full-year 2021 Results,” Westpac stated.

In the meantime, ASIC announced Friday that Westpac indicated it will be paying more than A$9.8 million to remediate over 9,900 members up until July 2022.

($1 = 1.3371 Australian dollars)