Investment complaints: Where to go?

Recently, a reader living overseas reported some serious problems with his financial advisor. These are causing him great concern to the point where he’s losing sleep. He wanted to know what he should do.

People get frustrated because they don’t know where their complaint should properly be directed.

If you ever find yourself in this kind of situation, here are some guidelines that may help:
Financial advisor complaints

  • Begin by requesting a face-to-face meeting with the advisor.
  • If you are separated by great distance, set up an appointment for a telephone conference.
  • Get all your grievances on the table.
  • If you don’t receive satisfaction, schedule a meeting (or phone conversation) with the branch manager.

Last resorts:

  • Your last resort (short of legal action) is to file a formal complaint with the Investment Dealers Association (IDA) which is based in Toronto.
  • Complaints about corporate disclosure practices or violations of  trading rules should be addressed to the stock exchange on which the company is listed.
  • Complaints or inquirs about insider trading, public investigations, cease-trading orders and the like should go to your provincial securities commission.