How to make a complaint: an action plan from the Ontario Securities Commission

Money Digest, June, 2002

There are occasions when you may want to complain against your investment adviser. Such occasions may include cases where an adviser makes a recommendation that is unsuitable for you, makes an investment without your approval or encourages you to trade actively to generate commissions.

When you find that an adviser has not acted appropriately, how do you complain against the adviser? Ontario Securities Commission suggests the following:

1. Contact the person at the company that deals with your investment account.

2. If that does not solve your problem, contact the branch manager.

3. If you are not satisfied write to the compliance officer. (If the firm is owned by a bank, contact the bank ombudsman and then the national bank ombudsman.)

4. If the problem is still not solved, contact the appropriate securities commission (such as the Ontario Securities Commission) and the Investment Dealers Association.

5. If your problem is not still solved, you could take your case to court or to arbitration if the firm is an Investment Dealers Association member.

Source: Making a Complaint, published by the Ontario Securities Commission.