Investment and mutual fund dealers contacted by regulators have agreed to a plan that will see more than $12 million in client referral fees returned to Portus investors by May 31.

On January 13, the Ontario Securities Commission, the Mutual Fund Dealers Association of Canada and the Investment Dealers Association of Canada asked the dealers to voluntarily agree to terms and conditions that require the reimbursement to investors.

The terms and conditions also require the participation in regulatory studies relating to referral fee arrangements and the adoption and compliance with practices, policies and procedures that reflect the findings of the studies.

A total of 57 Ontario-registered dealers received letters from the regulators and agreed to the plan that was included in the terms and conditions, which will be applied to the dealers’ registration with the OSC.

A list of the participating dealers is below available on the OSC Web site.