OSC Flagged Brokers
The public has been cautioned by the Ontario Securities Commission (OSC) on the following brokers. It is especially crucial to heed regulators’ cautions against possibly dishonest brokers and financial services.
The OSC considers it their duty as a top regulator to guarantee that consumers everywhere, including Canadians, are provided with the knowledge necessary to make wise financial decisions. In order to protect traders and investors and alert them to any dubious financial institutions, these broker evaluations are crucial.
Referring to this list, which is updated frequently by the Broker Complaint Registry, is always a good idea. We go into great depth on brokers that have drawn the attention of international regulators, such as the OSC.
We advise you to close your account and get in touch with us if you have any trouble getting your money back if you see any brokers on our list that you currently have an account with. To assist you in finding your money, we can start cyber investigations. We can also give you with a report that will help you make your claim to regulators and law authorities.
About the Ontario Securities Commission (OSC)
The autonomous Crown organization that sets regulations for the capital markets is the Ontario Securities Commission. Additionally, they give the public information so they can be protected from financial scams and assisted in making wise decisions.
The OSC oversees the operations of the brokers it regulates and issues warnings about unlawful financial services in order to safeguard customers from unfair and fraudulent trading activities. The OSC performs its obligations in accordance with the Ontario Securities Act.
Why Were These Brokers Flagged by the OSC?
The OSC may decide to alert the public about a financial service for a variety of reasons. These alerts are most commonly caused for the reasons listed below.
- False assertions
- Broker for clones
- Failure to comply
- countless grievances from clients
- Legal action against the broker
The majority of advisories against brokers are given due to the unlicensed nature of the financial business. This indicates that, despite the broker’s lack of regulation to provide services there, they either operate in Ontario without a license or have clients who reside there.
Making false claims about the broker’s qualifications, offerings, terms and conditions, or the amount of returns clients might anticipate is another frequent issue. The brokers on this list might be impersonations of real brokers who use similar names to trick the public.
The OSC has the authority to issue a warning against a broker for breaking rules or the law. They can be the target of multiple consumer complaints that are filed with the OSC directly. Lastly, a broker who is facing significant legal action, has received a cease and desist order, or is bankrupt may be flagged by the OSC.