Complaints and Inquiries Statistics

IIROC maintains statistics on the complaints it receives and the investigations and prosecutions it conducts. It also tracks disciplinary statistics for those complaints and matters that regulated firms are required to file to IIROC through the Complaints and Settlement Reporting System (ComSet). IIROC monitors this information to identify potential emerging regulatory issues in the industry it regulates.

Below you will find Complaints and Inquiries Statistics. If you are looking for Enforcement Statistics, please visit our Enforcement Statistics page.

Total complaints and inquiries received

IIROC received a total of 13,147 complaints1 & inquiries2 (contacts) from 2019 to 2021. Just over 70% of those contacts were about matters relating to the dealer firms we regulate (member) or about trading on the Canadian debt and equity markets (market) we monitor. Most of the remaining contacts (29%) fell outside of IIROC's jurisdiction3 (other). In this case, people are redirected to the appropriate regulator, firm or resource.

Throughout the Covid-19 pandemic, we experienced a significant increase in contacts from clients of Order-Execution-Only dealers4 , which is reflected in the overall volume increase and more specifically, in the increase in “Member” contacts.

1Complaints: a (typically) written expression of dissatisfaction.
2Inquiries: questions, comments or verbal expressions of dissatisfaction.
3IIROC only has jurisdiction over those individuals and firms that are registered with IIROC, and Canadian debt and equity markets. See Looking up an Investment Advisor or Firm and Markets We Regulate. Any complaints or inquiries not falling within these categories, nor about IIROC specifically, are included under “other”.
4Order-Execution-Only dealers, or OEO, are firms that provide services, but not advice, to DIY investors.

Text description of the chart entitled “Grand Total of all Contacts”.

Grand Total of all Contacts

Year	Event Type	Total
2019	Complaint	1108
2019	Inquiry	2733
2020	Complaint	1624
2020	Inquiry	2715
2021	Complaint	1603
2021	Inquiry	3364
Total		13147

Complaints and Inquiries 2019

Case Type	Total
Market	1376
Member	1274
Other	1191

Complaints and Inquiries 2020

Case Type	Total
Member	1872
Market	1410
Other	1057

Complaints and Inquiries 2021 YTD

Case Type	Total
Member	2042
Other	1484
Market	1441

Complaints and inquiries regarding IIROC-regulated firms

IIROC averaged 1,736 contacts annually from 2019 to 2021 about IIROC-regulated firms.

Text description of the chart entitled “Member Complaints and Inquiries”.

Member Complaints and Inquiries

Date	Event Type	Total
2019 Jan	Complaint	34
2019 Jan	Inquiry	72
2019 Feb	Complaint	40
2019 Feb	Inquiry	89
2019 Mar	Complaint	35
2019 Mar	Inquiry	84
2019 Apr	Complaint	34
2019 Apr	Inquiry	77
2019 May	Complaint	31
2019 May	Inquiry	85
2019 Jun	Complaint	28
2019 Jun	Inquiry	68
2019 Jul	Complaint	28
2019 Jul	Inquiry	69
2019 Aug	Complaint	32
2019 Aug	Inquiry	69
2019 Sep	Complaint	27
2019 Sep	Inquiry	64
2019 Oct	Complaint	33
2019 Oct	Inquiry	70
2019 Nov	Complaint	52
2019 Nov	Inquiry	69
2019 Dec	Complaint	24
2019 Dec	Inquiry	60
2020 Jan	Complaint	54
2020 Jan	Inquiry	76
2020 Feb	Complaint	54
2020 Feb	Inquiry	83
2020 Mar	Complaint	91
2020 Mar	Inquiry	123
2020 Apr	Complaint	93
2020 Apr	Inquiry	118
2020 May	Complaint	97
2020 May	Inquiry	92
2020 Jun	Complaint	61
2020 Jun	Inquiry	89
2020 Jul	Complaint	71
2020 Jul	Inquiry	80
2020 Aug	Complaint	54
2020 Aug	Inquiry	73
2020 Sep	Complaint	60
2020 Sep	Inquiry	75
2020 Oct	Complaint	53
2020 Oct	Inquiry	78
2020 Nov	Complaint	44
2020 Nov	Inquiry	92
2020 Dec	Complaint	71
2020 Dec	Inquiry	90
2021 Jan	Complaint	127
2021 Jan	Inquiry	169
2021 Feb	Complaint	134
2021 Feb	Inquiry	194
2021 Mar	Complaint	106
2021 Mar	Inquiry	163
2021 Apr	Complaint	58
2021 Apr	Inquiry	136
2021 May	Complaint	40
2021 May	Inquiry	107
2021 Jun	Complaint	45
2021 Jun	Inquiry	100
2021 Jul	Complaint	28
2021 Jul	Inquiry	64
2021 Aug	Complaint	37
2021 Aug	Inquiry	65
2021 Sep	Complaint	38
2021 Sep	Inquiry	90
2021 Oct	Complaint	45
2021 Oct	Inquiry	79
2021 Nov	Complaint	37
2021 Nov	Inquiry	75
2021 Dec	Complaint	42
2021 Dec	Inquiry	63
Total		5188

Regulatory vs. non-regulatory complaints and inquiries

Investors contact IIROC for both regulatory and non-regulatory matters. Regulatory matters are subject to IIROC rules or securities law. For example, allegations of unsuitable investments or unauthorized trading. Non-regulatory matters are issues such as poor customer service and general inquiries about dealer policies and procedures. Non-regulatory matters accounted for over 60% of contacts from 2019 to 2021. Since non-regulatory matters do not fall under IIROC's mandate, the investor should address these matters directly with the firm involved.

Text description of the chart entitled “Regulatory vs. non-regulatory complaints and inquiries”.

Regulatory vs. Non-Regulatory Inquiries (Member)

Year	Total	Regulatory or Non
2019	1169	Non-Regulatory
2019	773	Regulatory
2020	1249	Non-Regulatory
2020	721	Regulatory
2021	1796	Non-Regulatory
2021	770	Regulatory
Total	6478

Regulatory vs. Non-Regulatory Complaints (Member)

Year	Total	Regulatory or Non
2019	193	Non-Regulatory
2019	330	Regulatory
2020	542	Non-Regulatory
2020	417	Regulatory
2021	659	Non-Regulatory
2021	301	Regulatory
Total	2442

Most frequent inquiries about IIROC-regulated firms

The five most common topics of inquiries to IIROC by clients of IIROC-regulated firms accounted for 56% of all such inquiries (3,255) from 2019 to 2021.

Many of these inquiries did not result in a formal complaint to IIROC since they were not regulatory in nature.

The remaining inquiries covered a broad range of topics. Learn more about making a complaint.

Most frequent inquiries about IIROC-regulated firms

*Note: each inquiry may involve more than one topic, thus appearing under multiple categories.

Text description of the chart entitled “Top 5 Member Inquiries”.

Top 5 Member Inquiries

Allegation	Total	Year
Firm policies/procedures	121	2019
Firm policies/procedures	95	2020
Firm policies/procedures	185	2021
IIROC rule questions/complaints	130	2019
IIROC rule questions/complaints	109	2020
IIROC rule questions/complaints	139	2021
Info. on filing a complaint	187	2019
Info. on filing a complaint	210	2020
Info. on filing a complaint	141	2021
Service Issues	65	2019
Service Issues	164	2020
Service Issues	232	2021
Transfer of Accounts	54	2019
Transfer of Accounts	53	2020
Transfer of Accounts	51	2021
Total	1825

Most frequent complaints about IIROC-regulated firms

The five most common topics of complaints to IIROC by clients of IIROC-regulated firms account for 64% of all such complaints (1,952) received from 2019 to 2021.

Of these complaints, only unsuitable investments and account transfers are generally considered to be regulatory matters, with the remainder generally falling outside of IIROC jurisdiction. Matters that aren’t subject to IIROC rules must be addressed directly by the client to the firm in question.

IIROC-regulated firms must notify IIROC of all regulatory complaints they receive and handle all complaints they receive according to prescribed standards contained within IIROC rules.

Learn more about how IIROC-regulated firms handle client complaints.

Most frequent complaints about IIROC-regulated firms

*Note: each complaint may involve more than one allegation, thus appearing under multiple categories

Text description of the chart entitled “Top 5 Member Complaints”.

Top 5 Member Complaints

Allegation	Total	Year
Firm policies/procedures	55	2019
Firm policies/procedures	95	2020
Firm policies/procedures	114	2021
Service Issues	48	2019
Service Issues	180	2020
Service Issues	271	2021
Trading disputes, error and delays	24	2019
Trading disputes, error and delays	66	2020
Trading disputes, error and delays	68	2021
Transfer of Accounts	34	2019
Transfer of Accounts	60	2020
Transfer of Accounts	60	2021
Unsuitable Investments	100	2019
Unsuitable Investments	110	2020
Unsuitable Investments	56	2021
Total	1243

Market-related complaints and inquiries

IIROC averaged 1,430 contacts annually from 2019 to 2021 regarding trading on Canadian debt and equity markets.

Text description of the chart entitled “Market-related complaints and inquiries”.

Market-related complaints and inquiries

Date	Event Type	Total
2019 Jan	Complaint	35
2019 Jan	Inquiry	53
2019 Feb	Complaint	38
2019 Feb	Inquiry	66
2019 Mar	Complaint	51
2019 Mar	Inquiry	85
2019 Apr	Complaint	111
2019 Apr	Inquiry	93
2019 May	Complaint	36
2019 May	Inquiry	73
2019 Jun	Complaint	27
2019 Jun	Inquiry	74
2019 Jul	Complaint	36
2019 Jul	Inquiry	59
2019 Aug	Complaint	42
2019 Aug	Inquiry	55
2019 Sep	Complaint	43
2019 Sep	Inquiry	60
2019 Oct	Complaint	66
2019 Oct	Inquiry	59
2019 Nov	Complaint	39
2019 Nov	Inquiry	40
2019 Dec	Complaint	61
2019 Dec	Inquiry	74
2020 Jan	Complaint	47
2020 Jan	Inquiry	65
2020 Feb	Complaint	44
2020 Feb	Inquiry	79
2020 Mar	Complaint	57
2020 Mar	Inquiry	48
2020 Apr	Complaint	107
2020 Apr	Inquiry	74
2020 May	Complaint	65
2020 May	Inquiry	68
2020 Jun	Complaint	62
2020 Jun	Inquiry	66
2020 Jul	Complaint	57
2020 Jul	Inquiry	67
2020 Aug	Complaint	52
2020 Aug	Inquiry	54
2020 Sep	Complaint	50
2020 Sep	Inquiry	44
2020 Oct	Complaint	47
2020 Oct	Inquiry	63
2020 Nov	Complaint	27
2020 Nov	Inquiry	62
2020 Dec	Complaint	50
2020 Dec	Inquiry	55
2021 Jan	Complaint	53
2021 Jan	Inquiry	102
2021 Feb	Complaint	91
2021 Feb	Inquiry	131
2021 Mar	Complaint	80
2021 Mar	Inquiry	94
2021 Apr	Complaint	45
2021 Apr	Inquiry	73
2021 May	Complaint	42
2021 May	Inquiry	60
2021 Jun	Complaint	33
2021 Jun	Inquiry	50
2021 Jul	Complaint	30
2021 Jul	Inquiry	58
2021 Aug	Complaint	28
2021 Aug	Inquiry	50
2021 Sep	Complaint	43
2021 Sep	Inquiry	44
2021 Oct	Complaint	61
2021 Oct	Inquiry	44
2021 Nov	Complaint	94
2021 Nov	Inquiry	53
2021 Dec	Complaint	43
2021 Dec	Inquiry	39
Total		4227

UMIR vs. non-UMIR complaints and inquiries

Investors contact IIROC regarding both matters that are subject to the Universal Market Integrity Rules (UMIR) and those that are not. Under Recognition Orders issued by the  Canadian Securities Administrators (CSA) and by agreement with the marketplaces, IIROC monitors all equity and debt market activity on all Canadian marketplaces, including stock exchanges and alternative trading systems, to detect manipulative trading practices and other breaches of the marketplace trading rules.

Our goal is to ensure trading complies with UMIR and other IIROC rules. Matters that are not subject to UMIR (or other IIROC rules), such as cease-trade orders, listed company activity and disclosures, fall outside of IIROC’s jurisdiction. These non-UMIR matters accounted for almost 50% of contacts (excluding halt inquiries) during the three most recent years. Since non-UMIR matters do not fall under IIROC's mandate, the investor should address these matters directly with the principal regulator for the issuer (see SEDAR) or the exchange.

Text description of the chart entitled “UMIR vs. non-UMIR complaints and inquiries”.

UMIR vs. Non-UMIR Inquiries

Year	Total	UMIR
2019	692	Non UMIR
2019	74	UMIR
2020	665	Non UMIR
2020	50	UMIR
2021	725	Non UMIR
2021	54	UMIR
Total	2260

UMIR vs. Non-UMIR Complaints

Year	Total	UMIR
2019	291	Non UMIR
2019	291	UMIR
2020	396	Non UMIR
2020	266	UMIR
2021	301	Non UMIR
2021	342	UMIR
Total	1887

Most frequent market-related inquiries

The top five market-related inquiries accounted for over 70% of all such inquiries (2,371). By far, our most frequent market-related inquiries are about trading halts, even though we are not able to provide information about specific halts beyond that obtained in the halt notice that is published on our website and through various news services. We also hear from the public about listed company issues and cease-trade orders (CTOs), which do not fall under IIROC’s jurisdiction.

IIROC’s market-related jurisdiction encompasses monitoring trading on Canadian marketplaces for compliance with the Universal Market Integrity Rules (UMIR). IIROC does not have jurisdiction over public companies or their directors, officers or employees.

See more about UMIR here.

*Note: each inquiry may involve more than one topic, thus appearing under multiple categories. CTO = Cease Trade Order

Text description of the chart entitled “Top 5 Market-Related Inquiries”.

Top 5 Market-Related Inquiries

Allegation	Total	Year
CTO	19	2019
CTO	8	2020
CTO	78	2021
Halt inquiry	364	2019
Halt inquiry	349	2020
Halt inquiry	361	2021
Listed company issues	124	2019
Listed company issues	94	2020
Listed company issues	86	2021
Manipulation	48	2019
Manipulation	28	2020
Manipulation	22	2021
Other jurisdiction	58	2019
Other jurisdiction	40	2020
Other jurisdiction	35	2021
Total	1673

Most frequent market-related complaints

The top five market-related complaints accounted for over 70% of all such complaints (1,918). The largest number of the complaints about market activity are allegations of market manipulation.

IIROC rules prohibit orders or trades that create a false or misleading appearance of trading activity (or interest in trading) or create an artificial bid, ask or sale price. This activity is considered manipulative and IIROC’s surveillance staff use specialized systems to continuously monitor trading in real-time across multiple marketplaces to detect and pursue instances of suspicious or prohibited trading activity. While some complaints are well-founded, most often, a more fulsome review by IIROC staff who have access to more information about the trades in question and the parties involved, alleviates our concerns. When concerns remain, we forward the complaint information to our Trading Review & Analysis (TR&A) department.

Learn how IIROC monitors and analyzes market activity.

*Note: each complaint may involve more than one topic, thus appearing under multiple categories.

Text description of the chart entitled “Top 5 Market-Related Complaints”.

Top 5 Market-Related Complaints

Allegation	Total	Year
Disclosure	112	2019
Disclosure	98	2020
Disclosure	59	2021
Insider Trading	76	2019
Insider Trading	79	2020
Insider Trading	47	2021
Listed company issues	67	2019
Listed company issues	133	2020
Listed company issues	78	2021
Manipulation	201	2019
Manipulation	166	2020
Manipulation	250	2021
Short Selling	64	2019
Short Selling	56	2020
Short Selling	122	2021
Total	1367

Order-execution-only (OEO) vs. advisory contacts

Since the start of the COVID-19 pandemic, IIROC has experienced a significant increase in the number of contacts by clients of OEO dealers.

*Note: for the purposes of this chart, we have excluded other registration categories so these totals won’t equal the total contacts IIROC received. In addition, not all contacts (such as market-related contacts) provide this information.

Text description of the chart entitled “OEO vs Advisory Contacts”.

OEO vs Advisory Contacts

Date Received	Total	OEO vs Advisory
2019 Jan	37	Advisory
2019 Jan	52	Order Execution Only
2019 Feb	60	Advisory
2019 Feb	56	Order Execution Only
2019 Mar	45	Advisory
2019 Mar	36	Order Execution Only
2019 Apr	51	Advisory
2019 Apr	42	Order Execution Only
2019 May	52	Advisory
2019 May	48	Order Execution Only
2019 Jun	44	Advisory
2019 Jun	26	Order Execution Only
2019 Jul	41	Advisory
2019 Jul	43	Order Execution Only
2019 Aug	41	Advisory
2019 Aug	34	Order Execution Only
2019 Sep	36	Advisory
2019 Sep	31	Order Execution Only
2019 Oct	34	Advisory
2019 Oct	52	Order Execution Only
2019 Nov	45	Advisory
2019 Nov	34	Order Execution Only
2019 Dec	30	Advisory
2019 Dec	36	Order Execution Only
2020 Jan	56	Advisory
2020 Jan	65	Order Execution Only
2020 Feb	45	Advisory
2020 Feb	64	Order Execution Only
2020 Mar	56	Advisory
2020 Mar	149	Order Execution Only
2020 Apr	61	Advisory
2020 Apr	123	Order Execution Only
2020 May	59	Advisory
2020 May	125	Order Execution Only
2020 Jun	57	Advisory
2020 Jun	105	Order Execution Only
2020 Jul	59	Advisory
2020 Jul	97	Order Execution Only
2020 Aug	46	Advisory
2020 Aug	74	Order Execution Only
2020 Sep	55	Advisory
2020 Sep	84	Order Execution Only
2020 Oct	61	Advisory
2020 Oct	69	Order Execution Only
2020 Nov	53	Advisory
2020 Nov	81	Order Execution Only
2020 Dec	39	Advisory
2020 Dec	121	Order Execution Only
2021 Jan	54	Advisory
2021 Jan	235	Order Execution Only
2021 Feb	65	Advisory
2021 Feb	299	Order Execution Only
2021 Mar	64	Advisory
2021 Mar	198	Order Execution Only
2021 Apr	63	Advisory
2021 Apr	131	Order Execution Only
2021 May	41	Advisory
2021 May	103	Order Execution Only
2021 Jun	49	Advisory
2021 Jun	89	Order Execution Only
2021 Jul	40	Advisory
2021 Jul	59	Order Execution Only
2021 Aug	35	Advisory
2021 Aug	73	Order Execution Only
2021 Sep	34	Advisory
2021 Sep	87	Order Execution Only
2021 Oct	41	Advisory
2021 Oct	96	Order Execution Only
2021 Nov	38	Advisory
2021 Nov	67	Order Execution Only
2021 Dec	33	Advisory
2021 Dec	57	Order Execution Only
Total	4861

Geographic location

Most inquiries and complaints come from Ontario, British Columbia, Québec, and Alberta.

Text description of the chart entitled “Location of Investors Who Contact IIROC”.

Location of Investors Who Contact IIROC

Location	Total
Ontario	1344
British Columbia	494
Alberta	407
Québec	378
Manitoba	90
Saskatchewan	68
Nova Scotia	34
New Brunswick	13
Newfoundland and Labrador	7
Prince Edward Island	4
Yukon	2
Nunavut	1
Total	2786

Age and gender

In cases where age and gender were disclosed, we have seen an increase in contacts from investors under 60 years old, which may correspond to the increase in DIY (do-it-yourself) investing. We hear from males more often than females.

Text description of the chart entitled “Age and Gender of Investors Contact IIROC”.

Who Contacts IIROC?

Gender	Total	Percentage
Female	1781	26%
Male	5611	81%
Total	6955	100%

Note: some cases have more than one party so percentages don't equal 100%

Age of Investors that Contact IIROC

Age	Percentage
20-29	6%
30-39	17%
40-49	25%
50-59	37%
60-69	21%
70-79	9%
80-89	3%
90-99	1%
Total	100%