Home / Manage finances / Quadrus to pay clients charged ‘excess fees’ a total of $8 million in compensation
settlement.jpg

Quadrus to pay clients charged ‘excess fees’ a total of $8 million in compensation

“After reporting this matter, Quadrus provided prompt, detailed and candid co-operation to OSC Staff and Staff of the Mutual Fund Dealers Association of Canada,” the OSC said in a statement. “Quadrus has also implemented additional controls and supervision to prevent a re-occurrence of this matter.”

As part of a rare “no contest” settlement with regulators, Quadrus Investment Services Ltd. will pay a total of $8 million in compensation to more than 3,000 clients and former clients who were charged “excess fees.”

The Ontario Securities Commission approved the no-contest settlement Tuesday, following an investigation prompted by Quadrus “self-reporting” the problem to regulators.

OSC staff subsequently alleged that there were “inadequacies in Quadrus’ systems of controls and supervision, which resulted in clients paying excess fees that were not detected or corrected in a timely manner.”

Related

Check Also

marriott-starwood.jpg

Marriott International scoops up rival Starwood in US$12.2B deal, boosting hotel room count by 50%

The biggest hotel chain in Canada just got bigger with the announcement that Marriott International …

Leave a Reply

Your email address will not be published. Required fields are marked *