The Bank of Montreal has consented to repay customers a sum of $49.9 million in the wake of collecting excess fees on certain mutual funds and investment items more than eight years.
The bank will pay an extra $2.1 million to the OSC to advance its investor protector security command, in addition to $90,000 to take care of OSC examination costs.
The payment is a piece of a no-contest settlement worked out by the Ontario Securities Commission and four BMO divisions, BMO Nesbitt Burns Inc., BMO Private Investment Counsel Inc., BMO Investments Inc. furthermore, BMO InvestorLine Inc.
The OSC said in a release that the settlement takes after allegations by its staff there were insufficiencies in the control and supervision systems at BMO, which brought about a few customers paying excess fees that were not recognized or corrected in an auspicious way.
BMO’s settlement takes after a comparative OSC settlement with CIBC in October in which a portion of the bank’s customers were repaid a sum of $73.3 million in the wake of gathering excess fees more than 14 years.
In July, Scotiabank achieved a no-contest settlement with the OSC for $19.9 million in the wake of collecting excess fees from a few customers.