Make a complaint

Make a complaint

The Financial and Consumer Affairs Authority is responsible for the enforcement of securities laws in Saskatchewan.

Learn how to make a complaint from the process below:

 

• Steps to follow
• Registration list
• Contact FCAA

 

Steps to follow if you have a complaint

1. Contact the person you deal with at the firm

All investment firms have formal processes and qualified personnel in place to deal with complaints. You should first approach the firm where you have your account to attempt to address your problem. Most complaints can be resolved without having to go any further.

Raise your concerns with the person who handles your account. Misunderstandings can often be quickly cleared up. If you speak to a contact person by phone or at a meeting, make notes of your conversation, as they may be useful if you choose to take further action.

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

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

If you are 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 at the firm. Normally, the firm will acknowledge receipt of your letter, investigate your complaint, and then inform you of the outcome.

At any point in the process you can seek legal advice and discusses your rights with a lawyer.

If you are not satisfied with the outcome you can contact the appropriate industry associations or regulator that supervises the individual. In Saskatchewan, two industry associations supervise the business conduct of investment dealers and mutual fund dealers, under FCAA oversight. The Investment Industry Regulatory Organization of Canada (IIROC) sets and enforces rules regarding the proficiency and conduct of investment dealer firms and their registered employees and can investigate complaints and take disciplinary action. The Mutual Fund Dealers Association of Canada (MFDA) is the mutual fund industry’s national organization. It is responsible for regulating all mutual fund sales and is responsible for regulating the business conduct for its member firms and their representatives.

If you have a dispute about a registered person or firm that may have acted inappropriately (for example, by recommending investments that are unsuitable for you based on the information you gave them) and you have lost money that you wish to get back, you can submit a complaint to the Ombudsman for Banking Services and Investments (OBSI). OBSI is a free and independent service for resolving banking and investment disputes between participating firms and their clients and can recommend compensation of up to $350,000. For information on how to make a complaint to OBSI, see the process to get your money back.

 

Registration list

See the registration list below to determine which organization you should contact to continue the complaint process.

Who is the complaint against:	Organization to file a complaint with:
Registered investment dealer	Investment Industry Regulatory Organization of Canada (IIROC)
Registered mutual fund dealer	Mutual Fund Dealers Association of Canada (MFDA)
Registered scholarship plan dealer	Financial and Consumer Affairs Authority
Registered exempt market dealer	Financial and Consumer Affairs Authority
Registered restricted dealer	Financial and Consumer Affairs Authority
Registered portfolio manager	Financial and Consumer Affairs Authority
Registered restricted portfolio manager	Financial and Consumer Affairs Authority
Registered investment fund manager	Financial and Consumer Affairs Authority
Registered dealing representative	Finamcial and Consumer Affairs Authority
Registered advising representative	Financial and Consumer Affairs Authority
Registered associate advising representative	Financial and Consumer Affairs Authority
Registered ultimate designated person	Investment Industry Regulatory Organization of Canada (IIROC)
Registered chief compliance officer	Investment Industry Regulatory Organization of Canada (IIROC)
Canadian Bank	Ombudsman for Banking Services and Investments
Investment Firm	Ombudsman for Banking Services and Investments

 

If your complaint is against a person or company who is not registered, or against a private company such as a start-up business, see our FCAA complaint process below.

To check to see if a company or individual is registered visit: aretheyregistered.ca

If you are not sure who you should file a complaint with contact FCAA for assistance.

 

Financial and Consumer Affairs Authority complaint process

Fill out the FCAA complaint form and use the complaint form guide for assistance.

The FCAA complaint form collects only information required to determine what action, if any, can be taken, or whether to re-direct your complaint. The Authority treats all information provided on the complaint form confidentially and uses it only as permitted under The Securities Act, 1988.

FCAA reviews all complaints and will send you an acknowledgement letter. If an investigator has been assigned to your complaint, the letter will contain contact information. You may contact the investigator with questions, comments or concerns, but the investigator will be unable to discuss any details of the investigation with you. FCAA does this to ensure that the investigation is not jeopardized in any way. Once the investigation is complete and FCAA will inform you of the outcome.

If you decide to file a complaint with the FCAA, or take action in the courts, you should be aware that limitation periods might prevent certain actions. For securities transactions, you have between 180 days and 6 years to take action, depending on the nature of the event.

FCAA can remove the registration of an investment firm and its representatives, take enforcement action, like banning wrongdoers from the marketing and fine them, and can order companies or individuals to pay financial compensation to investors. FCAA cannot undo a transaction; or negotiate a settlement on your behalf.