(Reuters) – A former unit from Australia’s No. According to the nation’s securities regulator, Commonwealth Bank, 1 lender, has pleaded guilty in criminal court to deducting fees from superannuation beneficiaries and incorrect disclosure statements.

According to the Australian Securities and Investments Commission, 18 charges have been filed at Melbourne County Court. They are scheduled for sentencing June 1st. Each offence carries a maximum of A$180,000 (128,484.00).

Avanteos Investments is the unit. It was an affiliate of Colonial First State wealth manager, where CBA had sold off its majority shareholding.

ASIC reported that Avanteos had issued defective disclosure statements about superannuation, an organisational program for Australia’s pension system, between Jan 6 and May 1 2018. Avanteos failed to disclose to fund members the fact it would have to charge adviser fees after their death.

Avanteos also charged close to A$700,000.00 for 499 decedents who had funds in these superannuation plans.

In 2018, the company reported the matter to the regulator. Avanteos, ASIC and CBA stated that the company has now remedied all customers affected.

Avanteos, an investment platform operator was under investigation during the 2018 Royal Commission inquiry into “fees-for-no service” conduct.

A wide range of industry failures were revealed by the inquiry, including charging dead people as one of the most frequent revelations. Westpac Banking (NYSE:) Corp admitted to civil penalty proceedings https://www.reuters.com/markets/asia/australian-regulator-takes-westpac-court-over-multiple-compliance-failures-2021-11-29 related to that charge just last week.

($1 = 1.4010 Australian dollars)