TORONTO -- Investment dealers under the Power Group of Companies have agreed to pay approximately $11 million to clients to compensate for excess fees as part of a settlement with the Ontario Securities Commission.
The OSC says it has approved the no-contest settlement agreement with IPC Securities Corporation and IPC Investment Corporation, related to allegations of inadequacies in the dealers' systems of controls and supervision.
The regulator says these alleged inadequacies resulted in certain clients paying excess fees that were not detected or corrected in a timely manner.
Both dealers are subsidiaries of the Investment Planning Counsel, which is a subsidiary of Power Corp.
The OSC says it does not allege and has not found evidence of dishonest conduct by either IPC dealers, but the parties have agreed to compensate affected clients nearly $11 million in respect of the control and supervision inadequacies.
The dealers have also paid $460,000 to the OSC, and made a further payment of $30,000 towards the cost of the regulator's investigation.
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