June 27, 2017 / 6:55 PM / in a year

UPDATE 1-RBC to pay $16.5 mln to clients in regulatory settlement

(Adds details on other settlements)

TORONTO, June 27 (Reuters) - Royal Bank of Canada on Tuesday agreed to pay C$21.8 million ($16.5 million) in compensation to clients who were charged excess fees for mutual fund products and fee-based accounts.

Canada’s biggest lender agreed to make the payments as part of a settlement with the Ontario Securities Commission, the country’s biggest securities regulator.

A number of other Canadian financial institutions have agreed to similar settlements.

Canadian Imperial Bank of Commerce agreed to pay out C$73.3 million in compensation for excess fees last October. Bank of Montreal agreed to pay C$49.9 million to customers last December.

Fund manager CI Investments agreed to a C$156 million settlement last February and Bank of Nova Scotia agreed to a C$20 million settlement last July. Toronto-Dominion Bank agreed to pay C$13.5 million to customers in 2014.

RBC will also make voluntary payments totaling C$975,000 to the OSC under the terms of the settlement, the regulator said.

$1 = 1.3177 Canadian dollars Reporting by Matt Scuffham; Editing by Leslie Adler, Bernard Orr

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below