The OSC Has Flagged These Brokers—Is Your Broker on This List?
The OSC or the Ontario Securities Commission is a top regulator in Canada. It has alerted the public about the following brokers because of suspicious activity, licensing problems, and other major issues.
The OSC doesn’t flag a broker unless they have validated multiple complaints from customers if they have examined the broker and found that they are not complying with financial regulations and laws or if they are aware of legal proceedings against the financial company.
What Is the OSC and What Does It Do?
The Ontario Securities Commission is an independent organization that regulates the financial markets and ensures compliance among all financial companies in the region. The OSC is responsible for ensuring that all brokers and other financial institutions comply with rules and regulations and are properly licensed.
The OSC also serves as a watchdog that warns the public and provides updates on possible scams and pitfalls of dealing with online brokers. This means issuing red flags when a broker has been the subject of many complaints or if they see that a broker is engaging in suspicious activity.
Why Is the OSC Warning the Public About These Brokers?
The following are common issues that brokers that we see with flagged brokers.
A large proportion of brokers on this list have licensing issues. This means they may not have a license, be operating with an expired license, or have a third-rate license that provides no real oversight to customers. They could be signing up clients from Ontario even though they don’t have a license to operate in this area.
We often see misleading information on the broker’s website, which can range from exaggerated statements, such as “World’s best broker” to containing false claims about licensing, terms and conditions, rates fees, and important information. We usually see that misleading statements are like an iceberg–they may seem trivial and small on the surface, but look deeper and these are usually a sign of something more serious.
Lack of Transparency
If you can’t find any information about who runs a broker, don’t open an account with them. Lack of transparency is a hallmark sign of a scam. Why would a respected broker try to hide behind stock photo images and aliases? The only brokers who do this obviously have something to hide.
Brokers may end up on the OSC list because of engaging in questionable activities. They could be recruiting clients through aggressive spamming tactics or running a pyramid scheme. Some of these procedures may seem subtle, like higher than average leverage or tacking on small fees. However, the OSC takes these problematic activities seriously.
Customers often start to complain about a broker when they are locked out of their accounts or if they aren’t allowed to make withdrawals. Not being able to make basic transactions can’t be a good sign. Brokers often try to make excuses for limiting customer access to accounts, but rarely is there a good reason.
Customer complaints are a major factor in brokers ending up on regulator warning lists. However, it takes more than just a few complaints for a broker to get flagged. These complaints are examined and verified by the regulator, and if there are a sufficient number of serious complaints, the regulator will issue a warning.
Have You Lost Money to Any of These Brokers? Talk to Us!
ReportScamOnline experts understand brokers–reliable ones and scam operations. We have researched brokers and have created these reviews to help consumers make the right choice for trading. We recommend that you avoid the scam brokers mentioned here and instead find a reliable and licensed broker. If you have lost money to this broker, contact us and we will launch an investigation that will bolster your claim.
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