Brokers flagged by BCSC
The BCSC Has Flagged These Brokers. What This Means for You
The BCSC or the British Columbia Securities Commission has flagged the following brokers. We are constantly updating this list to include more financial services that the BCSC has warned the public about. If you see a listing of a broker or financial services that you are currently using or are thinking about opening an account with, cross them off your list and look for a regulated broker.
These reviews are essential tools to research financial services before trusting your money with them. We recommend that you consult this list regularly or at least before signing up for a financial service. Keep in mind that even though a broker isn’t on the list, that doesn’t mean that it’s not problematic–do further research. However, if you do run across a familiar name among these reviews, it’s safe to say that they should be avoided.
About the British Columbia Securities Commission (BCSC)
The British Columbia Securities Commission is independent of the Canadian government but works with it to ensure that the investment market is fair and transparent for all consumers. The agency stays aware of brokers and financial services in British Columbia and checks that they comply with regulations and provide fair terms for customers.
The BCSC is alert to any infractions of regulations and takes disciplinary action against offending brokers and financial services. The agency works closely with law enforcement to assist customers in fund recovery.
Why Were These Brokers Flagged by the BCSC?
There can be numerous reasons why the BCSC chooses to warn the public about a financial services, but for the brokers on the following list, these are the most common reasons:
- Unlicensed
- False claims
- Clone broker
- Non-compliance
- Numerous customer complaints
- Legal action against the broker
Most of the potentially fraudulent financial services we see are unlicensed or are being dishonest about their licensing. The BCSC is alert to this as well as false claims made to customers, for instance, adding on fees not spelled out in the initial agreement or guaranteeing specific rates of return.
Many brokers are actually imposters of regulated financial services and adopt names similar to the regulated brokers. This is called a clone broker scam. The BCSC also holds brokers accountable for non-compliance with licensing rules and national laws. They warn the public against brokers that have numerous complaints that can be verified as genuine. Finally, if any legal action is being taken against the broker or if they are insolvent, the BCSC will issue a warning.
Brokers flagged by BCSC
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