Brokers flagged by OSC
The OSC Has Flagged These Brokers. What This Means for You
The Ontario Securities Commission (OSC) has issued a warning to the public about the following brokers. It is particularly important to pay attention to warnings from regulators about potentially fraudulent financial services and brokers.
As a top-tier regulator, the OSC makes it their responsibility to ensure Canadians and consumers around the world are given the information they need to make sound financial decisions. These broker reviews play an essential role in keeping traders and investors safe and to warn them of any suspicious financial organizations.
It’s always a good idea to consult this list that is updated regularly by Broker Complaint Registry. We go into detail about brokers that have been flagged by top regulators around the world including the OSC.
If you see any brokers on this list that you have an account with, we recommend that you close your account and contact us if you have difficulty getting your funds back. We can launch cyber investigations to help you track down your funds and can provide a report that will assist you in your claim with law enforcement and regulators.
About the Ontario Securities Commission (OSC)
The Ontario Securities Commission is an independent Crown agency that makes rules that govern capital markets. They also provide information to the public for the purpose of protecting them from financial frauds and helping them make informed decisions.
The OSC carries out its duties in compliance with the Ontario Securities Act and its aim is to protect consumers from unfair and fraudulent trading practices by overseeing the operation of brokers it regulates and issuing warnings about unauthorized financial services.
Why Were These Brokers Flagged by the OSC?
There can be numerous reasons why the OSC chooses to warn the public about a financial service. The following are the most frequently occurring reasons for these warnings.
- Unlicensed
- Misleading claims
- Clone broker
- Non-compliance
- Numerous customer complaints
- Legal action against the broker
The bulk of warnings against brokers are issued because the financial service is unlicensed. This means they operate in Ontario and have no license to do so or they have clients living in Ontario, even though the broker is not regulated to offer services there.
Another common problem is that the broker may make misleading statements about its credentials, services, terms and conditions or the amount of returns customers can expect to receive. The brokers on this list may be clones of legitimate brokers and adopt a similar name to deceive the public.
The OSC can warn against a broker for non-compliance with regulations or laws. They could be the subject of numerous customer complaints issued directly with the OSC. Finally, the OSC may flag a broker who is undergoing serious legal action, has been issued a cease and desist order or is insolvent.
Brokers flagged by OSC
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