(Reuters) - The U.S. Securities and Exchange Commission (SEC) on Friday said a pair of Wells Fargo Advisory firms and Merrill Lynch have agreed to pay a combined $60 million in civil penalties to settle charges over compliance failures.

According to regulators, Wells Fargo Advisors and Merrill Lynch offer bank deposit sweep programs as the only cash option for most clients, receiving a financial benefit. The firms failed to adopt and implement policies and procedures to consider the best interests of their clients, SEC said in a statement.

The firms did not admit or deny the SEC's findings, according to the statement.