(Reuters) – An Australian court ordered Westpac Banking Corporation to Pay A$113M ($82.92 Million) In Penalties for Multiple Compliance Failures in its Businesses. This is after the final of six suits against it filed by the corporate watchdog.

Westpac was penalized by the Federal Court for one case involving advice fees charged to more than 11,800 decedent customers. The latest hearing took place on Friday, according to the Australian Securities and Investments Commission. The largest of the six cases was this.

ASIC initiated legal proceedings in November to address compliance issues that the lender experienced over many years with its superannuation, banking and wealth management businesses.

Australia’s financial industry has come under severe scrutiny after a Royal Commission in 2018. This inquiry revealed widespread failures within the sector. Among the worst was charging the dead.

Sarah Court, ASIC’s Deputy Chair, stated that “over the past 13 years, over 70,000 customers were affected by these failings either by incorrectly being charged or receiving the wrong information.” https://

Westpac acknowledged that the Court heard all six civil penalty proceedings brought by ASIC. The penalty amount was also disclosed.

According to the bank, “These penalties have already been substantial provisioned together with expected legal costs in Westpac’s full year 2021 results.”

Westpac expects to release its second-half results by May 9.

($1 = 1.3628 Australian dollars)