OSC Has Issued Warnings About the Following Brokers
The OSC has alerted the public about suspicious brokers. Are you familiar with any of the brokers on this list? If so, we recommend that you have nothing more to do with them–close your account and ask for a refund. If you have trouble getting a refund, talk to ChargeBax experts.
Why are these alerts important? Any alert from a major financial regulator should be heeded. The OSC’s responsibility is to warn the public about suspected financial scams. We aggregate these alerts from the world’s top brokers and publish reviews that will help you make the right financial decisions.
What Is the OSC?
The OSC or the Ontario Securities Commission is responsible for regulating financial markets and for ensuring that all financial companies operating in Ontario or who sign up people in the region comply with all regulatory requirements.
The OSC can suspend licenses and issue warnings about scam brokers. They release alerts when they have validated claims against the brokers and have found violations of rules.
Why Did the OSC Flag These Brokers?
- Licensing problems
- Misleading information
- Lack of transparency
- Account issues
- Customer complaints
Most suspicious brokers have a licensing problem. This could mean they have no license although they claim to be regulated or they overstep the bounds of their licenses. They may offer certain assets in areas where they are not legal or sign up customers in regions they are not allowed to operate.
The OSC has found that many of these brokers give customers misleading information. This can take many forms, including false guarantees of returns or false claims of no fees or commissions. People find out later that they were tricked and are likely to file a complaint.
Brokers should provide all information needed to make a solid financial decision. This includes exact names, addresses, and contact information about the people who run it. Many of these brokers are not forthcoming with details and lack transparency.
When customers get locked out of their accounts, that is a sure sign of a problem. Others may have their withdrawal requests ignored or are given huge charges for transactions.
These brokers have been the subject of many negative complaints. This is enough reason to stay away. The OSC has validated these complaints and has found they are based on fact.
OSC Broker List 2022
Is Your Broker on This List? Here’s What to Do
We do not recommend opening an account with any of the brokers we have mentioned in our warnings list. If you do hold an account with this broker, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds, and will help you prepare your claim.