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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.
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