Bank of Nova Scotia : Canada Regulator Reaches No-Contest Settlement with Scotiabank Units
Bank of Nova Scotia's retail brokerage units have agreed to repay nearly C$20m ($15.2m) to investors following the Ontario Securities Commission's findings that some retail clients were overcharged for more than six years. In the no-contest settlement, they also agreed to pay the regulator C$850,000 to cover investigation costs and fund its mandate to encourage fair and efficient markets. Dealers pointed to the "inadequacies" in their compliance systems. The bank said it has "taken corrective action to implement additional controls...to prevent these matters occurring in the future."
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