Download the brochure entitled How to Make a Complaint to the MFDA |
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To file a complaint you may:
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- download the Complaint Form in PDF format
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If You Have a Complaint...
If you have a complaint about the actions of a representative of a Member firm, there are a number of things you can do. First, your complaint should be explained to your financial advisor. The person who sold you the product or service will solve most problems quickly.
- Contact the mutual fund dealer. Some problems are easily solved with a phone call. Some matters can be resolved at the Branch level, however, the dealer's Compliance Department will investigate any complaint that you initiate in writing and will respond back to you with the results of their investigation.
- If your issue has not been resolved, contact the MFDA. You may:
- Contact the Ombudsman for Banking Services and Investments (see details, below).
- Contact a lawyer. A lawyer can assist you with your complaint. The limitations period in each province may limit the amount of time you have to bring a claim. Therefore, if you are considering bringing a civil claim you should contact a lawyer immediately.
Remember to...
- Document every step you have taken. This is important in any complaint process. It not only makes it easier for investigators to understand the steps you have taken but it also helps you to remember important details. Ensure that you keep a record of each conversation you have and with whom you have spoken.
- Explain your problem clearly. Only if others know exactly what the problem is can they begin to solve it.
- Address your complaints to the right person or organization.
Ombudsman for Banking Services and Investments
The Ombudsman for Banking Services and Investments (OBSI) is an organization that is independent of the MFDA, 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 (to a maximum of $350,000) if it determines that you have been treated unfairly, taking into account 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:
- By telephone in Toronto at 416-287-2877, or toll free at 1-888-451-4519; or
- By e-mail at ombudsman@obsi.ca
