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OSC, TD divisions reach deal on certain fee overcharges on client accounts

The Canadian Press

TORONTO - Ontario securities regulators have reached a deal with several divisions of Toronto-Dominion Bank (TSX:TD) involving client accounts that were overcharged, in some cases dating back more than a decade.

Details of the settlement agreement, reached on a no contest basis with TD Waterhouse Private Investment Counsel, TD Waterhouse Canada Inc. and TD Investment Services Inc., were not disclosed.

The Ontario Securities Commission has scheduled a hearing for Nov. 13 to approve the agreement reached between TD and commission staff.

According to a statement of allegations, the various TD divisions had inadequate control systems and supervision which resulted in four separate instances in which clients paid, directly or indirectly, excess fees.

The instances involved several periods between 2000 and 2014.

The matter came to the OSC's attention earlier this year after TD self-reported earlier on the problem. TD said at the time that it intended to pay compensation and that it had started work to prevent it from happening again.