December 15, 2016 / 7:17 PM / a year ago

BMO agrees to pay C$49.9 million to compensate for excess fees

TORONTO, Dec 15 (Reuters) - Bank of Montreal has agreed a no-contest settlement with the Ontario Securities Commission that will see the bank compensate customers a total of C$49.9 million ($37.4 million) for charging excess fees.

The OSC said the settlement follows allegations by OSC staff that there were inadequacies in BMO’s systems of controls and supervision which resulted in some clients paying excess fees that were not detected or corrected in a timely manner. ($1 = 1.3346 Canadian dollars) (Reporting by Matt Scuffham; Editing by Lisa Shumaker)

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