Westpac admitted to six civil penalty proceedings that were filed by Australia's securities regulator, including claims against its banking, superannuation wealth management, and divested general insurance units. According to the Australian Securities and Investments Commission (ASIC), Westpac charged more than A$10 million in advice fees to over 11,000 deceased customers. ASIC also claims that Westpac distributed duplicate insurance policies to over 7,000 of its clients. In a statement, Westpac chief executive Peter King said, " In each of these matters, Westpac has fallen short of our standards and the standards our customers expect of us.