Ontario Company Fined $1.6M for Failing to Inform Customers About $100 Fee

Canadian dollars are pictured in Vancouver on Sept. 22, 2011. Jonathan Hayward/The Canadian Press

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.