The OSC has now reached no-contest settlements with all of the big banks and several other firms, generating about $342 million in compensation
The three companies in question self-reported inadequacies in their systems that resulted in some clients paying excess fees
The BMO subsidiaries will also make a $2.1-million payment to the OSC and pay $90,000 in costs for overcharging certain retail clients
The firms face the prospect of regulatory sanctions for allegedly overcharging some retail clients
More than a quarter-billion dollars have been returned to investors as a result of five-year-old enforcement policy
The three firms also agreed to make a $3-million payment to the OSC and to pay $50,000 in costs for their role in overcharging clients
OSC hearing scheduled for Friday
The firm had discovered that some clients in fee-based accounts were also paying trailer fees as a result of problems within its systems of control and supervision
The investor compensation represents the largest amount in an Ontario Securities Commission no-contest settlement since the process was introduced
An OSC notice indicates that the proposed settlement will be on a no-contest basis, which means CI would not have to admit to any wrongdoing