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The statement says staff at the regulator found “no evidence of dishonest conduct.”

BMO joins a list of Canadian financial institutions including Toronto-Dominion Bank and Canadian Imperial Bank of Commerce, and Bank of Nova Scotia in seeking a no-contest settlement with regulators after discovering that some clients had paid more in fees than they should have.

A no-contest settlement does not require an admission of wrongdoing.

In an October no-contest settlement, CIBC said it would pay clients of its investment dealers more than $73 million as reimbursement for charging them excess fees, in some cases for more than a decade.

In July, three wealth management companies owned by Bank of Nova Scotia agreed to pay $20-million to clients. TD agreed to pay $13.5 million in November of 2014 after at least 10,000 client accounts were charged excess fees on investments.

In BMO’s case, some clients with fee-based accounts paid excess fees between January 1, 2008, and Apr. 30, 2016, because embedded trailers fees were also included in account fee calculations, according to the statement of allegations.

In other cases, some clients were not advised that they qualified for a fund series with a lower management expense ratio (MER).

The statement of allegations did not include the number of clients affected, or quantify the excess fees paid.

“The BMO registrants either have already taken or are taking corrective action, including implementing additional controls, supervisory and monitoring systems, to prevent the re-occurrence of the control and supervision inadequacies in the future,” the OSC said.