Seeking compensation

A guide for consumers

This guide outlines where you can turn to for help if you believe that you have lost money because of an error, disagreement or the possible misconduct of your representative or financial company . For example, your account was mishandled, or you were given inappropriate advice or misleading information. The guide also provides information about compensation funds that may protect you if the financial company you deal with goes bankrupt.

The organizations listed in this guide can provide information about your options, and may also assist you in seeking compensation from a representative or financial company registered in Canada. However, they cannot help recover losses resulting from changing market conditions.

Compensation Options Available

If you have lost money due to error, disagreement or possible misconduct

If you have lost money due to the financial company going bankrupt

The first step is to complain directly to the financial company. If you are not satisfied with the financial company 's response, there are still other options available to you.

The options available to you depend on the type of financial product you bought.

What type of financial product did you purchase?

Your money may be protected by a compensation fund if the financial company you deal with goes bankrupt. Coverage is automatic if the company is a member of a compensation fund. The amount and extent of coverage depends on the type of financial company involved.

The options available to you depend on where you purchased the financial product .

Where did you purchase the financial product?

You can find information about compensation funds on the Canadian Consumer Protection for Financial Institution Failures website.

While this guide attempts to provide comprehensive information, it does not cover all financial products.  If you purchased a different type of financial product, some of the information provided in this guide might still be helpful to your situation.

This guide is not intended to provide investment, financial, accounting, legal, tax or other professional advice and should not be relied upon or regarded as a substitute for such advice. The Joint Forum of Financial Market Regulators cannot provide financial advice or legal advice, and does not recover money for consumers.

Tips for making complaints

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Representative includes advisers, dealers, financial consultants, investment advisers and counsellors, portfolio managers, insurance brokers and agents, insurance advisers and consultants, insurance representatives, securities dealers, wealth management advisers, mortgage brokers and agents.

Financial company includes banks, trust companies, loan companies, credit associations, credit unions, caisse populaires, investment dealer firms, mutual fund dealer firms, mortgage brokerage firms, life and health insurance companies, property and casualty insurance companies.