New guidance signals larger fines, more misconduct admissions
The two dealers will pay slightly less than $11 million to resolve allegations that clients paid excess fees
The two dealers self-reported weaknesses in their controls which resulted in some clients paying excess fees
Enforcement tool enables regulators to resolve cases more quickly
Two Assante dealers to pay regulator and reimburse clients for alleged overcharging
An internal review discovered certain clients were not advised they qualified for lower-fee versions of certain mutual funds
More than 250,000 clients have overpaid on fees
The dealers allegedly overcharged fee-based client accounts about $6 million and mutual fund accounts $5.7 million between 2005 and 2016
Two Manulife dealer subsidiaries allegedly overcharged clients in fee-based accounts between 2005 and 2016