BMO Overcharging Clients Settlement

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Katou
Silver Ring
Silver Ring
Posts: 172
Joined: 27 Feb 2007 13:50

BMO Overcharging Clients Settlement

Post by Katou » 22 Dec 2016 09:03

Just wondering how to go abouts finding out if we are owed back fees from BMO IL settlement.
Have any of you been in contact with them if so what would be the best place to start!

Thks
See Below...


Then there were four.

Four banks have now disclosed to the Ontario Securities Commission that they were overcharging their wealth management clients.

BMO is the latest to self-report that they were double charging their clients (following in TD, Scotia and CIBC’s footsteps). In a no-contest settlement last week, the bank agreed to compensate 60,000 clients to the tune of $50 million.

The BMO case is interesting because the overbilling was not just isolated to BMO Nesbitt Burns, the brokerage arm. It was endemic, with clients also being overcharged in BMO Private Investment Counsel, BMO Investments (bank branches) and BMO InvestorLine (discount broker).


They also got off easy because all four announcements were reported one day and forgotten the next. And the fines paid to the OSC were token. The big amounts (i.e. $50 million for BMO and $73 million for CIBC) simply involved returning the clients’ own money to them (with 5% interest).

The new client reporting regime, known as CRM2, will start impacting investors in January. It can’t come soon enough.

Katou
Silver Ring
Silver Ring
Posts: 172
Joined: 27 Feb 2007 13:50

Re: BMO Overcharging Clients Settlement

Post by Katou » 22 Dec 2016 09:06

Sorry just notice i put this in wrong category...should have been in Financial news..not sure how to change it...
Best

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