Report scams & complaints

Complaints about advisors

Complaints about investment firms or representatives can range from problems with service quality or errors or inaccuracies in the handling of your account, to concerns that you may have received poor investment advice or that securities rules may have been broken. The nature of your complaint and the type of firm involved will determine your best course of action and which organization can help. The process to follow is described below.

The starting point for most complaint processes

All investment firms have formal processes and qualified personnel in place to deal with complaints. Regulators will usually recommend that you first attempt to address any problem with your firm directly. Most complaints can be resolved in this way, without having to go any further. For more details, read How to approach your investment firm with a complaint.

The next steps you can take

If you cannot resolve matters directly with your firm, you can request a regulatory review or pursue financial compensation options, depending on your objective. You can request a regulatory review and pursue financial compensation options at the same time.

If you are concerned that the firm or representative has broken the rules

You can request a regulatory review. In this case, the appropriate regulator may investigate the conduct of the firm or representative. This can lead to action to discipline the firm or representative, but it generally cannot help you to recover financial losses, because securities regulators do not have the power to order financial compensation for investment losses. For more details, read Taking your complaint to the right regulator.

If you want financial compensation

You can request assistance from the Ombudsman for Banking Services and Investments (OBSI) if the complaint relates to one of the 650 participating firms of OBSI, including member firms of the Investment Industry Regulatory Organization of Canada (IIROC) or the Mutual Fund Dealers Association of Canada (MFDA)
You may pursue legal action by taking your case to arbitration if the complaint relates to a member firm of IIROC
You may pursue legal action by taking your case to court

For more details, read Your options for seeking financial compensation.

Investment advisors: firms that provide investment advice and financial planning

Investment dealers: firms that sell stocks, bonds, mutual funds, and other securities and are members of the Investment Industry Regulatory Organization of Canada (IIROC)

Mutual fund dealers: firms, including some bank subsidiaries, that sell primarily mutual funds and are members of the Mutual Fund Dealers Association of Canada (MFDA)

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