Report scams & complaints

How to approach your investment firm with a complaint

If you have a complaint, regulators and industry organizations recommend that you first approach the firm where you have your account. The firm has the records of what happened and is in the best position to put matters right. These are some suggested steps:

1. Contact the person you deal with at the firm

Raise your concerns with the person who handles your account. They can often quickly clear up what may have been a misunderstanding. If you communicate verbally, make notes of your conversation, as you may need them later if you choose to take further action. If you make your complaint in writing, include copies of all relevant documents, but retain the originals for safekeeping. 

2. Take your concern to a higher level through the firm’s complaint process

If you were not able to resolve matters with your representative, ask the firm for information about its formal complaint process. In most cases, the next step is to write a letter to the branch manager or compliance officer of the firm. Normally, the firm will acknowledge receipt of your letter, investigate your complaint and then inform you of the outcome.

Bank Ombudsman: If your investment dealer is a subsidiary of a Canadian bank, that bank will have its own ombudsman to handle complaints. You should contact the bank ombudsman before you contact the Ombudsman for Banking Services and Investments (OBSI). 

3. Involve an independent third party

If you are still dissatisfied with the outcome, you have several options for pursuing your complaint outside the firm, depending on the outcome you are looking for, the type of firm you are dealing with, and the nature of your complaint.

  • If you are looking for financial compensation: you can go to court, go to binding arbitration, or contact the Ombudsman for Banking Services and Investments.Visit the OBSI website New window   
  • If you are concerned that the representative or firm you deal with may have broken the rules: you can take your complaint to the appropriate regulator to ask for a regulatory review. 

 You can request a regulatory review and pursue financial compensation options at the same time.

Important: Once you begin the complaint process, it is important to document every step you take, including telephone conversations, faxes and e-mails. Note all details such as the date, time, and name of the person you spoke with and what was discussed. Communicate in writing whenever possible and keep copies of all correspondence.

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