Scotiabank's 1832 Asset Management LP will pay a fine after improper lavish spending on promotional activities for financial advisers.

Under a settlement agreement with the Ontario Securities Commission, the firm will pay an $800,000 fine and an additional $150,000 for costs related to the regulator's investigation.

Investment fund managers are prohibited from providing "excessive non-monetary benefits" to advisers. Promotional activities and items are supposed to be of minimal value.

According to the settlement, the investment firm, which is the manager of the Dynamic family of mutual funds, failed to meet the minimum standards of conduct from November 2012 to October 2017.

It provided tickets to NHL games, concerts and golf events. Investment conference attendees were also gifted Apple iPad minis, keyboards and sunglasses as well as pricey food, drinks and entertainment.

The settlement noted that 1832 started to make changes last year to its internal practices aimed at improving its compliance.