Advertisement
The bank has been collecting excessive fees for over 14 years
TORONTO – Canadian Imperial Bank of Commerce (TSX:CM) has reached an agreement with the Ontario Securities Commission to compensate customers for collecting excess fees for certain mutual funds and investment services over 14 years.
Details of the compensation plan and the amount of money improperly collected was not disclosed and requires approval by the provincial regulator.
A hearing on a proposed settlement is scheduled for Friday.
According to an OSC statement, short-comings in systems and controls at CIBC World Markets Inc., CIBC Investor Services Inc. and CIBC Securities Inc. resulted in some customers being overcharged from as early as Jan. 1, 2002 until as recently as Jan. 31, 2016.
The OSC says its staff have found no evidence of dishonest conduct by CIBC, which self-reported the problem.
It also says CIBC is taking corrective action to prevent a re-occurrence and has a plan to compensate clients and former clients.
More personal finance news:
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Low costs, potential gains and other factors are attracting investors in Canada to actively managed exchange-traded funds.
If you’re self-employed, you might be wondering if it’s necessary to incorporate. Here’s how to incorporate a business in...
Has a client ever gone silent or even hung up on you when discussing their portfolio or taxes? It...
Buying a car is a big deal. Understand the financial part of the purchase and, hopefully, save yourself some...
Need the best interest rate? Want fixed payments or flexibility? Find out the differences between personal loans and lines...
With this list of our favourite courses, you can dig into many financial topics and start making better money...
Consumer debt reached a record $2.5 trillion last quarter. Find out what’s driving increased debt levels among certain groups...
Forced to become an entrepreneur, Alain Guillot forged an unconventional career as a financial pundit in Canada as an...
Contrary to the conventional advice, taking more than the minimum RRIF withdrawal can at times save tax on your...
Sponsored By
Simplii Financial