Investors
The OSC complaint process
Follow these steps if you have a complaint about a company, an investment product or the conduct of your financial adviser.
Contact your adviser
Many problems can be solved quickly by contacting the person who sold you a product or provided you with a service. If you don’t have an adviser, contact the customer service department of the firm you deal with. Make sure you specify the outcome you expect.Follow the firm’s complaint process
If you aren’t able to resolve the issue, ask about the firm’s complaints process and follow the steps suggested. This could involve speaking with a manager and the firm’s compliance department. We can help you locate this information.The firm is required to respond to you if you make a complaint about a product or service offered by the firm or recommended by a representative of the firm.
It’s important to act quickly and to respond promptly to any requests for more information, especially if you want to keep legal action as an option. In general, you have to start a legal action within two years of the day you discovered (or should have discovered) your loss. This two-year limitation period is governed by Ontario’s Limitations Act, 2002. The start of the limitation period depends on the particular facts of your situation.
Contact the OSC
If your complaint is best handled by another regulator, we will advise you and forward the complaint to them on your behalf. We can also explain the following options to consider for getting your money back:The Ombudsman for Banking Services and Investments (OBSI)
OBSI is a free, independent service for resolving banking services and investment disputes between participating firms and their clients. If you're not satisfied with the firm's decision on your complaint, or if the firm has not provided its final response to you within 90 calendar days of the date you complained, you can bring your case to OBSI for an impartial and informal review. You have up to 180 days after receiving the firm's response to get in touch with OBSI. OBSI can recommend compensation of up to $350,000.If you or the firm decides not to accept OBSI's recommendation, you can still use the IIROC arbitration program (if the dispute involves an IIROC member) or take legal action.
IIROC arbitration
If you have a dispute with an IIROC member firm or its representative and have not been able to resolve it through the firm’s complaints process, you can use the IIROC arbitration program. This program, which provides dispute resolution up to $500,000, is run by two independent arbitration organizations. There is a cost to use this system. In addition, arbitration decisions are binding. For this reason, the parties often retain legal counsel. However, the process is generally faster and less expensive than the court system.Legal action
You may also want to consider legal action through the Small Claims Court or the Superior Court of Justice. If you need a lawyer, you can contact the Law Society of Upper Canada’s Lawyer Referral Service at 1-800-268-8326. This service will give you the name of a lawyer who will provide up to 30 minutes of free consultation to help you determine your rights and options.
