Your options for seeking financial compensation
If you have not been successful in resolving your dispute with the firm and the ombudsman and you are seeking financial compensation, your next step is to consider taking legal action. Your legal options depend on how much money you are seeking and whether the firm involved is part of an arbitration program.
Legal advice
You may want to discuss your complaint with a lawyer, to get advice on the options available to you.
Civil action
BC Small Claims Court: this is a simple and less expensive way to sue for compensation and damages up to a maximum of $25,000. Most people represent themselves in small claims court.
BC Supreme Court: if you are seeking more than $25,000, you will have to take your case to BC Supreme Court, where a lawyer should represent you.
Binding arbitration
Binding arbitration is an alternative to going to court. It is available to you if your dispute is with a firm that is a member of IIROC , or a representative of that firm, and the amount of the dispute does not exceed $100,000. Arbitration may be less expensive and can be faster than taking civil action, and the dispute is heard by an independent, impartial arbitrator. You can present your case with or without a lawyer. When you choose this option, you agree to treat the independent arbitrator’s decision as final, and you give up the right to go to court or use any other resolution service. Learn more about binding arbitration from IIROC 
.
Dispute resolution involving bank-owned firms
If your investment dealer is a subsidiary of a Canadian bank, that bank will have its own ombudsman to handle complaints and should be contacted before the OBSI. Find your bank ombudsman with Industry Canada's directory , or contact your bank.
Ombudsman for banking services and investments
OBSI is a free, independent service for resolving banking services and investment disputes. If you're not satisfied with the firm's decision on your complaint, you can bring your case to OBSI for an impartial and informal review. OBSI can recommend compensation of up to $350,000.You have up to 180 days after receiving the firm's response to contact OBSI.
If you or the firm decides not to accept OBSI's recommendation, you can still use the Investment Industry Regulatory Organization of Canada's (IIROC) arbitration program (if the dispute involves an IIROC member) or take legal action. You can make a regulatory complaint at the same time you make a complaint to OBSI. You can find more information about OBSI’s services at www.obsi.ca or 1-888-451-4519
Next:
top
Let's talk about investing
Questions & Answers
Spot the Red Flags