Dealing With Disputes

Most financial advisers and the firms they work for are fair, efficient and follow the rules. Your adviser should always be working in your best interest. If you believe that this is not happening, you may want to make a complaint (see below) or consider finding another adviser.

First, determine if you have a valid complaint. Understand there are some things your adviser can’t do. Having a clear understanding of the roles and responsibilities of both you and your adviser can help avoid potential disputes.

You may have a complaint if your financial adviser:

  • is not registered to sell the investments being recommended;
  • takes money out of your account, or buys or sells securities with your money, without first getting your permission (This does not apply if you have set up a discretionary account, which allows your financial adviser to make trades at their discretion without getting your permission.);
  • switches you from one mutual fund to another when there is no legitimate reason; 
  • does not take reasonable care to see that your investment request is executed at the best possible price, given the market conditions at the time; or
  • recommends you buy or sell a security that is unsuitable based on the information gathered from you in the Know Your Client form (KYC). 

Making a Complaint

  1. Start with your adviser or their firm. Be clear about what went wrong and what you expect as an outcome.

    If you are not satisfied:

  2. Ask about the firms complaint process and follow the steps suggested.

    If that doesn’t work, you may also want to consult a lawyer to get advice on your rights and options.

If your complaint is with a public or private company, start by contacting your local securities regulator (see below).

Helpful Tools

Get in touch with your local regulator.
Working with a Financial Adviser (AcrobatPDF): includes information about how to make a complaint