06:07:44 EDT Tue 19 Mar 2024
Enter Symbol
or Name
USA
CA



Toronto-Dominion Bank
Symbol TD
Shares Issued 1,845,338,328
Close 2018-04-23 C$ 70.71
Market Cap C$ 130,483,873,173
Recent Sedar Documents

Globe says TD accused of overcharging on mutual funds

2018-04-24 07:49 ET - In the News

The Globe and Mail reports in its Tuesday edition that Siskinds LLP and Bates Barristers PC have filed a class-action lawsuit against TD Asset Management about the trailing commissions paid to discount brokers on some of TD's mutual funds. The Globe's Clare O'Hara writes that last year, regulators were called in to take a closer look at Series A mutual funds that were being sold through discount brokerages. Series A funds are typically sold through a financial adviser and include trailing commissions for the advice an adviser provides. Series A funds account for 68 per cent of the total amount of mutual-funds assets in Canada and can charge a management expense ratio (MER) between 1.5 per cent to 2.5 per cent. By comparison, Series D funds -- tailored for do-it-yourself investors that strip out advice fees -- can have an MER of less than 1 per cent. However, despite the fact that discount brokerages are not allowed to provide advice, about 83 per cent of mutual funds sold through discount brokerages in Canada include trailing commissions. Of the total $30-billion in assets held in mutual-fund products in discount brokerages, more than $25-billion remain in fund series that bundle an advice fee within the product.

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