Report scams & complaints

Taking your complaint to the right regulator

Various organizations supervise the conduct and business practices of investment firms and representatives. Each organization has authority over a specific professional group, or groups, and a formal process to investigate allegations of misconduct. The following briefly describes how this regulatory system works. The BCSC, or any other organization described, can suggest the most appropriate regulator to review your complaint if the firm has not resolved it to your satisfaction.

Industry regulators that deal with complaints

Two “self-regulatory organizations” (SROs) supervise the business conduct of investment dealers and mutual fund dealers, under BCSC oversight. SROs are industry associations that set and enforce rules and standards for their members and are answerable to the BCSC. Each SRO has a formal process for reviewing complaints about its member firms and their sales representatives. 

  • The Investment Industry Regulatory Organization of Canada (IIROC) is the national self-regulatory organization which oversees all investment dealers and trading activity on Canadian debt and equity exchanges. IIROC sets and enforces rules regarding the proficiency and conduct of investment dealer firms and their registered employees. It also sets and enforces market integrity rules regarding trading activity on Canadian equity marketplaces. Created in 2008 through the consolidation of the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RS), IIROC can investigate complaints and take disciplinary action. Visit the IIROC website New window
  • Mutual Fund Dealers Association of Canada (MFDA) is the mutual fund industry’s national self-regulatory organization responsible for regulating all sales of mutual funds by its members. Like IIROC, the MFDA is responsible for regulating the business conduct of its members. It can investigate complaints and take disciplinary action. Visit the MFDA website New window

When the BCSC becomes involved

Complaints about investment firms and representatives should be made to the BCSC in the following cases:

1. Complaints about advisors and dealers that are not members of an SRO

The BCSC directly oversees advisors and dealers that are not members of IIROC or MFDA. These include:

If you have a complaint against one of these types of market participants that you cannot resolve with the firm, you can file a complaint with the BCSC.

2. Complaints about someone selling or advising without being registered

The BCSC investigates cases in which a person or company may be acting as dealer or advisor without being registered, an activity that is prohibited under the Securities Act.

3.  Complaints that have not been satisfactorily resolved by other organizations

If you think a firm or representative has acted improperly, have pursued your complaint with the firm and the firm’s self-regulatory organization, and you remain dissatisfied with the outcome, you can file a complaint with the BCSC.

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