Before you file
Write to the firm's compliance department first and keep copies of all communications.
Document Everything
- • Account statements showing the problem
- • Trade confirmations and execution reports
- • All correspondence with the broker
- • Phone call logs with dates/times
- • Screenshots of account dashboards
- • Any recordings (if legal in your jurisdiction)
Contact compliance department
Send written complaint via email and certified mail
Give reasonable time to respond
Usually 30 business days for investigation
Keep detailed records
Date of complaint, reference numbers, response received
Important: Many issues can be resolved directly with the broker's compliance team. Escalating to regulators should be done when internal resolution fails or involves serious misconduct.
Where to file (US)
FINRA
- • Broker misconduct
- • Unauthorized trading
- • Unsuitable recommendations
- • Churning accounts
- • Failure to execute trades
SEC
- • Investment adviser issues
- • Securities fraud
- • Ponzi schemes
- • Market manipulation
- • Disclosure violations
State Regulators
- • Local investment advisers
- • State-registered securities
- • Regional broker issues
- • Insurance product sales
- • Small claims matters
Where to file (Canada)
🇨🇦 CIRO Complaint Process
Online complaint form
Complete details about the issue and broker involved
Email or phone options
complaints@ciro.ca or 1-877-442-4322
Required information
Your details, broker firm name, nature of complaint, desired resolution
If you seek compensation
Internal Process
- • Ask about the firm's internal dispute resolution
- • Request supervisor or compliance officer review
- • Document all settlement offers and responses
- • Set reasonable deadlines for resolution
Arbitration/Mediation (US)
- • FINRA Dispute Resolution for eligible claims
- • Binding arbitration for larger disputes
- • Mediation for potentially quick resolution
- • Consider legal representation for significant amounts
What happens next
| Timeline | What to Expect | Your Role |
|---|---|---|
| Days 1-5 | Acknowledgment of complaint received | Respond to any requests for clarification |
| Days 5-30 | Investigation begins, broker contacted | Provide additional documentation if requested |
| 30-90 days | Regulator review, possible enforcement | Stay available for follow-up questions |
| 90+ days | Final determination, possible sanctions | Consider other options if unsatisfied |
⚠️ Important Limitations
- • Regulatory complaints don't guarantee compensation
- • Focus is on misconduct, not investment losses from market risk
- • Time limits apply—don't wait too long to file
- • Criminal fraud should also be reported to law enforcement
- • Consider legal advice for large losses or complex cases
Frequently Asked Questions
Will filing a complaint get my money back?
Not automatically. Regulatory complaints focus on broker conduct and potential sanctions. For compensation, you typically need arbitration, litigation, or direct settlement with the firm.
How long do I have to file a complaint?
Generally 2-6 years depending on the issue and jurisdiction, but don't wait. File as soon as possible while evidence is fresh and records are available.
Can I file complaints with multiple agencies?
Yes, different agencies handle different aspects. You might file with FINRA for broker conduct and SEC for securities fraud, or both if the case warrants it.
What if the broker goes out of business during my complaint?
SIPC may cover account assets up to limits, but compensation for misconduct becomes much harder. This is why it's important to act quickly and understand your broker's financial stability.