If you think that an individual or firm has broken the rules, it’s important you contact a regulator such as IIROC.  We will investigate possible violations of IIROC rules and can impose reprimands, fines, suspension and/or permanent bans.

When you contact us, we’ll provide you with two ways to file your complaint:

Call our Info/Complaint Line, 1 (877) 442-4322, for inquiries and/or to have a Customer Complaint Form mailed to you.

Complete a Customer Online Complaint Form either online or print and fax or mail it to us (fax and address information is provided on the form).

Here’s what we’ll need to start an investigation:

• Your name and contact information;
• The name and contact information of any individual or firm mentioned in your complaint; and
• Specific details of how, why and when you encountered problems with your investments or investment professional.

We’ll keep you informed:

IIROC will send you an acknowledgement letter within two days of the receipt of your complaint.

We’ll also update you every 45 days until the initial assessment is completed.

Every complaint IIROC receives is reviewed by our Case Assessment Officers.  They will help you make your complaint to us or direct you to another appropriate body.

What we look at:

• Does the complaint involve an IIROC investment advisor or firm?
• Is the complaint a regulatory matter (i.e. not service related)?
• Is there preliminary evidence of regulatory infraction(s)?
• If the answer is yes to all of the above, the complaint is sent on to IIROC investigators.

Investigations:

IIROC will send a letter to you within five business days notifying you that an investigation has begun.

IIROC will also contact you 90 days after an investigation has been initiated and every 60 days thereafter until the investigation is completed.

Collecting evidence:

IIROC investigators review the file, interview witnesses and videotape testimony, request documents, etc.

We use multiple resources at our disposal including forensic accountants, lawyers, investigators, forensic handwriting examiners, custom-designed software, etc.

Working with other regulators:

Complex investigations can involve multiple jurisdictions and be international in scope.

We work closely with provincial securities commissions, local and provincial police and the Royal Canadian Mounted Police, the Federal Bureau of Investigation, the Securities and Exchange Commission, the United States Department of Justice, etc. 

Penalties on firms can include:

• A written reprimand;
• Fines of up to $5 million per offense;
• Suspension or termination of rights and privileges;
• Terms and conditions on continued IIROC-regulated membership;
• Termination of membership; and/or
• Any other fit remedy or penalty

Penalties on investment advisors can include:

• A written warning.
• Fines of up to a maximum of $1 million per offense;
• Suspension of an advisor’s registration with IIROC;
• Placing terms and conditions on an advisor’s registration with IIROC;
• Permanently banning an advisor from registration with IIROC; and/or
• Any other fit remedy or penalty (this often includes re-writing of licensing courses).