An investor advocacy group has launched a new section on its website devoted to investor education, and issued a guide to help investors navigate the complaints process.
The Canadian Foundation for Advancement of Investor Rights (FAIR Canada) FAIR Canada announced the creation of an Investor Resources page on its site, which includes information on conducting background checks, leverage, RESPs, links to financial literacy websites, and its new complaints guide.
The new complaints guide aims to help investors find their way through the complaints process. It provides an overview of dispute resolution options (such as the Ombudsman for Banking Services and Investments, arbitration and mediation options) and legal alternatives; along with a list of regulators that can order compensation to investors, and compensation funds that allow investors to recover assets in the event of an investment firm insolvency.
The guide stresses the importance of acting quickly to avoid limitation period issues, and to keep records, including copies of all correspondence and notes on conversations. It also explains that consumers can report wrongdoing directly to regulators and provides contact information for the provincial securities commissions, and the two industry self-regulatory organizations (the Mutual Fund Dealers Association of Canada and the Investment Industry Regulatory Organization of Canada).