The Ontario Securities Commission (OSC) said the TD subsidiaries had not admitted or denied the accuracy of its findings. The regulator alleged that inadequate controls and supervision had led to excess fees, which were not corrected in a timely way.

TD Waterhouse Private Investment Counsel, TD Waterhouse Canada and TD Investment Services discovered and self-reported four separate issues and then cooperated with the investigation, the regulator said.

"TD Wealth discovered that some of our clients were directly or indirectly overcharged fees and client notification and compensation is already underway," the bank said in an emailed statement.

The OSC introduced no-contest settlements earlier this year. They let those targeted by the regulator settle without admitting guilt, potentially saving regulators time and money.

The individuals and organizations investigated by regulators often fear that admitting fault could open them up to further legal action. The U.S. Securities and Exchange Commission has used no-contest settlements since the 1960s.

(Reporting by Allison Martell; Editing by Jeffrey Hodgson and Nick Zieminski)