Ontario Company Fined $1.6 Million for Failing to Informing Customers About $100 Fee

Published on November 25, 2023

An Ontario trust company has been fined $1.6 million for not disclosing a $100 fee to mortgage customers. “Accurate disclosure of fees and costs is fundamental to fairness, honest business practices, and the integrity of the financial system,” Commissioner of the Financial Consumer Agency of Canada (FCAC) Judith Robertson wrote in the decision. “It serves the dual purpose of allowing customers to make informed financial decisions and provides them with the ability to hold their lenders to account in the event fees are charged inappropriately,” she added. The decision notes that the Community Trust Company (CTC), based in Mississauga, did not disclose the fee to customers over a 10-year period....

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