Client Complaint Information 

Clients of a mutual fund dealer unsatisfied with a financial product or service have a right to make a complaint and seek a resolution of the problem. If you have a complaint, these are some steps you can take. 

  • Your complaint should first be explained to your financial advisor. The person who sold you the product or service will solve most problems quickly. 

  • Contact your mutual fund dealer. Member firms are responsible to you, the investor, for monitoring the actions of activities. 

A phone call quickly solves some problems. Some matters can be resolved through the Branch Manager. The dealer's Compliance Department will investigate any complaint you initiate in writing and respond to you with the results of their investigation. 

Contact the Canadian Investment Regulatory Organization (CIRO), the self-regulatory organization in Canada to which your mutual fund dealer belongs. The CIRO investigates complaints about mutual fund dealers and their representatives and takes enforcement action where appropriate. There is no cost to clients for referring a complaint to the CIRO. The CIRO can be contacted: 

  • By telephone toll-free at 1-877-442-4322, 

  • By e-mail at info@ciro.ca, or 

  • Online, using an easy and convenient online complaint form, which is available on the CIRO website at www.ciro.ca

  • By fax at 1-888-497-6172 

  • You can send your complaint to the following mailing address: 40 Temperance St, Suite 2600, Toronto, ON; M5H 0B4. 

  • by telephone toll free at 1-888-451-4519; or 

  • by e-mail at ombudsman@obsi.ca. 

Contact the Ombudsman for Banking Services and Investments (OBSI), an organization independent of the CIRO, government, and the financial services industry. OBSI provides an independent and impartial process for the investigation and resolution of complaints about the provision of financial services to clients. OBSI will investigate your complaint only if you have first exhausted your firm's internal complaint-handling processes. OBSI can make a non- binding recommendation that your firm compensate you (up to $350,000) if it determines that you have been treated unfairly, considering the criteria of good financial services and business practice, relevant codes of practice or conduct, industry regulation and the law. The OBSI process is free of charge and is confidential. OBSI can be contacted: 

Going to court: Retaining a lawyer to assist with the complaint, however, can be an expensive option. There are also time limits on legal action, which vary by province or territory. Once the time limit expires you may not be able to pursue your claim. 

Arbitration: An arbitrator is chosen in consultation with you and the dealer firm, hears both sides, and makes a final legal binding decision about your complaint. There are costs associated with arbitration, but often less than going to court. Arbitrators in the CIRO arbitration program can award up to $500,000. 

If you live in Quebec, in addition to the options previously described, you can use the free services of the Autorité des marchés financiers (AMF). If you are dissatisfied with the firm’s handling of the complaint or the outcome, you can request to have the complaint examined by the AMF. The AMF will assess the complaint and may offer conciliation and mediation services, though firms are not required to participate. 

Suppose you think you are a victim of fraud, fraudulent tactics or embezzlement. In that case, you can contact the AMF to see if you meet the eligibility to submit a claim to the Fonds d’indemnisation des services financiers (“Financial Services Compensation Fund”). Up to $200,000 can be payable for an eligible claim. 

For more information on the AMF: 1-877-525-0337 or via email at lautorite.qc.ca/en

Other Provinces or Territories 

Some provincial or territorial securities regulators can sometimes seek an order that a person or company that has broken securities law pay compensation to harmed investors who make a claim. These orders are enforced similarly to court judgments. 

Access the link to your provincial or territorial securities regulator by visiting the following Canadian Securities Administrators page: Contact Us - Canadian Securities Administrators (securities-administrators.ca)