(Reuters) - Two units of Canadian insurer Manulife Financial Corp (MFC.TO) settled with the Ontario Securities Commission (OSC) to resolve allegations that there were inadequacies in their controls and supervision that led to some clients paying excess fees.
The units, Manulife Securities Inc and Manulife Securities Investment Services Inc, will pay clients C$11.7 million ($9.2 million) as part of the settlement, the OSC said on Thursday.
“OSC Staff do not allege, and have found no evidence of dishonest conduct by the Manulife Dealers,” the regulator said in a statement.
Manulife, Canada’s biggest insurer, will neither admit nor deny the accuracy of the OSC’s allegations, the OSC added.
($1 = 1.2729 Canadian dollars)
Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar