“How do I go about making a complaint?”
This is one of our most common inquiries. The answer is that it depends on what the complaint is about.
If you have a complaint about your adviser or mutual fund dealer, we strongly encourage you to try to deal with the matter directly. First, try to explain and discuss your problem with your adviser. If that brings no resolution, then talk to the branch manager of the adviser’s firm and then the compliance officer for the firm. The Mutual Fund Dealers Association (www.mfda.ca) deals with mutual fund sales representatives and firms while the Investment Industry Regulatory Organization of Canada (www.iiroc.ca) deals with member firms and their investment advisers. You can contact them directly if further action is required, or alternatively contact the Ombudsman for Banking Services and Investments (www.obsi.ca).
What if your complaint is about a possible investment fraud or concerns of market manipulation or other serious breaches of securities regulation? In this case you can submit documents and complaints directly to our Case Assessment Officers – we have an online “File a Complaint” form that you can fill out. Once you submit your complaint you will receive notification that we’ve received your complaint.
Under the Alberta Securities Act, ASC complaints and investigations are confidential until brought to the point of a hearing or enforcement action. When that happens, we may call complainants as witnesses. At that time, we must disclose all relevant evidence to the people or company that are the subject of the hearing or enforcement action, which may include the people or company you’re complaining about. Unless you are being called as a witness, we will not reveal at what stage any investigation may be at.
I spend a lot of time explaining this process to investors who want to make an inquiry or complaint but aren’t sure what to do next, and what they can expect. What I always stress to people is that it’s important that they come forward because sometimes that’s the only way we know what’s happening in a particular situation. And I can tell you that your complaint is taken very seriously. Many of the complaints we’ve received about possible misconduct have resulted in an investigation. In some cases we’ve acted immediately to put a stop to individuals or companies selling securities with a cease trade order while we investigate further. And sometimes the investigation leads to a hearing before an ASC panel where the individual or company may face a ban from the market and a financial penalty. But in many cases, it starts with you.
So come forward to the ASC with your information and your actions might stop others from falling prey to a possible investment scheme. Comment on this blog... | About this Blog We’ve created this blog to present you with answers to some of the more popular questions we receive from investors. We'll have different subject matter experts blogging about what they know best and we'll update it as new blogs arise. We hope you'll find it interesting and helpful. Today's Blogger Hello, Don Rodgers here and I am the Public Information Officer for the Alberta Securities Commission (ASC). Before coming to work for the ASC, I was a trader and taught technical analysis. I also wrote for two on-line investment websites. As such, I have a great deal of interest in the securities industry and a desire to help answer questions which you may have. Here are some links I think you'll find helpful:
ASC Scam Stoppers
How Do I File an Investor Complaint?
File a Complaint
Ask your question If you have a question you would like to see answered on this page, email them to questions@asc.ca. We may not use every question we receive but will concentrate on areas from which we receive the most inquiries. If you have a question related directly to your own situation, please contact ASC inquiries using our toll free number (1-877-355-4488) or email inquiries@asc.ca. If you have a complaint, email complaints@asc.ca or call 403-355-3888.
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