A Canadian bank has been ordered to compensate thousands of clients, paying out more than $7 million dollars, after charging them excessive fees.
The BC Securities Commission says HSBC agreed they charged excess fees to more than 4600 client accounts.
The bank has a policy to advise clients when their account holdings in a mutual fund qualify for the lower priced Premium Series investment funds.
The regulator says due to inadequate controls and supervision, the policy was not consistently applied.
More than $7 million dollars has been paid out.
The bank has also paid the Securities Commission $300,000 to reach a settlement and $20,000 in costs.