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If a broker, adviser, bank, lender, insurer, or other financial distributor gave you misleading information, recommended a product that did not fit your circumstances, hid fees or risks, or made an unauthorized transaction, act quickly. Preserve every record, make a written complaint to the firm, send the matter to the regulator that covers the product, and obtain legal advice if you may seek compensation. A poor investment result alone does not prove mis-selling; the key questions are what you were told, what was disclosed, whether the recommendation was suitable, and whether you authorized the transaction.
This guide is U.S.-focused. Banking, insurance, lending, securities, and investment-advice complaints use different systems. Outside the United States, identify your national or regional financial regulator and consumer-protection authority; the procedures below may not apply.
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What counts as suspected mis-selling?
“Mis-selling” is a description of a concern, not a legal finding. Your concern may involve:
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- A recommendation that appears inconsistent with your objectives, finances, experience, risk tolerance, or time horizon.
- Fees, commissions, lock-ups, penalties, conflicts, or material risks that were not clearly disclosed.
- A trade, withdrawal, rollover, or account change you did not authorize.
- Pressure to buy, promises that returns were guaranteed, or statements that conflict with the written documents.
A loss can occur even when a product was properly disclosed and suitable. Conversely, a product can create a complaint even before a financial loss if the information or authorization was defective. Describe the facts and evidence rather than declaring that the firm broke the law.
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First response: stop, preserve, and document
Do not send away your only copies or rely on memory. The Securities and Exchange Commission (SEC) advises sending copies rather than originals. Create a dated file—digital and paper if possible—and preserve:
- Account statements, trade confirmations, transaction histories, prospectuses, contracts, applications, and policy or loan documents.
- Risk disclosures, fee schedules, illustrations, suitability questionnaires, and acknowledgments.
- Emails, letters, text messages, online-chat exports, advertisements, and screenshots of web pages or portals.
- Your notes from calls and meetings, including the names and job titles of everyone involved.
- Dates, amounts, product names, account numbers (redacted when sharing), and the exact words that seemed inaccurate, incomplete, or unauthorized.
Build a chronology from the first contact through the transaction and the point at which you discovered the problem. Note what you knew at each stage, what the representative told you, what you signed, and when money moved. Keep the original electronic files and record where each copy came from. If an unauthorized transaction is continuing, notify the firm in writing immediately and ask it to secure the account while the dispute is reviewed.
Complain to the firm in writing
A regulator can be more effective when the firm has a clear opportunity to investigate. Put the complaint in a letter or secure message and retain proof of delivery. Include:
- A short factual chronology with dates, people, product, account, and amounts.
- The statement, omission, fee, risk, recommendation, or transaction you dispute.
- The documents that support each point, identified by name and date.
- The loss or other harm you believe followed, without exaggerating an amount that has not been calculated.
- The remedy you want—for example, correction of an unauthorized entry, cancellation where legally available, reimbursement of a specific fee, or a written explanation.
- A request for a written response and the best contact method.
For a securities professional or investment account, the SEC’s complaint guidance recommends speaking first with the broker or adviser, then escalating to a branch manager, and then writing to the firm’s main-office compliance department if the issue remains unresolved. Its guide suggests asking compliance to respond in writing within 30 days. That is a request for a response, not a universal legal deadline or promise of repayment.
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Keep communications professional and specific. Do not alter documents, speculate about motives, or sign a release, settlement, account transfer, or arbitration agreement without understanding its effect. If the firm asks for a recorded statement or additional authorization, you may want legal advice before agreeing.
Choose the complaint route by product and goal
The correct destination depends on both the product and what you want to achieve. A regulator complaint can report conduct and sometimes obtain a company response; it is not the same as a case that awards damages.
| Situation | Primary route to consider | What it can do | Important limit |
|---|---|---|---|
| Broker, investment adviser, securities account, or investment recommendation | SEC Office of Investor Education and Assistance (OIEA); Financial Industry Regulatory Authority (FINRA); your state securities administrator | Receive a complaint, refer it to the firm or another authority, and identify possible regulatory concerns. FINRA may help resolve some disputes through arbitration or mediation. | The SEC does not act as your attorney, personal representative, or judge and cannot force a firm to resolve your complaint. |
| Bank account, credit card, debt collection or management, mortgage, personal, student, or vehicle loan, or money service listed by the Consumer Financial Protection Bureau (CFPB) | CFPB complaint system | Send the complaint to the company or another agency better placed to assist. Companies generally respond in 15 days and may take up to 60 days for a final response in some cases. | Do not assume every insurance or investment product is accepted; check the current product list and use the specialist regulator when needed. |
| Suspected investment fraud | SEC, FINRA, or state securities regulator; also consider law enforcement and the state attorney general | Put suspected fraud on the appropriate authorities’ record and preserve a path for investigation. | Reporting does not itself recover money or replace a private claim. |
| Scam involving broader consumer finance or payments | Local police or sheriff, state attorney general, Federal Trade Commission (FTC), and any relevant financial regulator | Report the scam to agencies that may coordinate or take separate action. | More than one agency may be relevant, and each has a different remit. |
How to file a securities complaint
SEC Office of Investor Education and Assistance
The SEC accepts complaints about subjects such as misleading disclosures, suitability, commissions, trade handling, and account activity. Its Investor Bulletin, updated September 8, 2026, explains that OIEA may send a complaint to the firm if you consent, refer it to another SEC division or agency, and seek information that helps staff understand the issue. The Enforcement Division investigates confidentially and will not confirm or deny whether an investigation exists.
The SEC’s role is regulatory and informational, not private representation. Its bulletin states: “However, the SEC cannot act as an investor’s attorney or personal representative.” A complaint may alert regulators and prompt a response, but it does not guarantee restitution.
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FINRA
FINRA is a route for broker-related complaints identified by the SEC. It does not cover every financial product or every professional, so confirm that the firm or individual falls within its jurisdiction. FINRA can also help resolve some disputes through arbitration or mediation. Those processes differ from a regulatory complaint and may involve filing requirements, fees, evidence rules, and enforceable outcomes.
State securities administrator
Your state securities administrator may handle matters involving securities professionals or offerings within state jurisdiction. The SEC recommends contacting the appropriate state office when suitable, and the North American Securities Administrators Association (NASAA) provides a way to locate state regulator contacts. State authority can depend on where you live, where the firm operates, and the product involved.
When the CFPB is the better route
The CFPB’s current complaint categories include bank accounts, credit cards, debt collection and management, mortgages, personal loans, student loans, vehicle loans, and money services. Its page, last modified October 5, 2026, asks consumers to state the key facts clearly and attach supporting material such as statements and communications.
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Check the current product list before filing. An investment recommendation, securities transaction, or insurance dispute may need the SEC, FINRA, a state securities regulator, or an insurance authority rather than the CFPB.
Handle suspected fraud as an urgent, separate track
If you suspect a scam, forged instruction, identity theft, or other fraud, do not wait for a routine customer-service cycle. Preserve payment records and communications, notify the institution in writing, and ask what immediate account-protection steps are available. CFPB guidance lists local police or sheriff, your state attorney general, and the FTC as reporting options for suspected scams. Investor.gov points investors to the SEC, FINRA, or their state securities regulator for investment-fraud concerns.
Be cautious if someone who contacts you after the loss promises a guaranteed recovery in exchange for an upfront fee. Do not provide additional funds or sensitive credentials until you have independently verified who is contacting you. The original firm’s published contact channel—not a phone number in an unexpected message—is the safer way to confirm a request.
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If you want compensation, a corrected balance may not be enough; you may need arbitration, mediation, or court proceedings. The SEC notes that federal and state securities laws can provide rights and remedies and identifies court, arbitration, and mediation as possible routes. FINRA may help with some disputes, but no single process covers every product or claim.
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There is no universal deadline for a mis-selling complaint. Limitation periods depend on the claim, forum, contract, and jurisdiction. The SEC’s complaint guide warns: “Act promptly! By law, you only have a limited time to take legal action.” A regulator complaint does not necessarily pause or preserve a court or arbitration deadline.
Speak promptly with a securities-law attorney or qualified legal-aid service when losses are material, an unauthorized transaction is involved, the firm has offered a release, or a deadline may be close. Bring your chronology and copies of the evidence. Ask specifically about limitation periods, arbitration clauses, available remedies, and whether contacting a regulator affects any private claim.
Common mistakes that weaken a complaint
- Waiting until statements, call recordings, or online messages are no longer available.
- Sending originals instead of copies.
- Describing only the investment’s poor performance without identifying what was said, omitted, or unauthorized.
- Using one regulator for every product instead of checking jurisdiction.
- Assuming a regulator will act as counsel, decide liability, or order a refund.
- Accepting a settlement, release, transfer, or new product before obtaining advice about its consequences.
- Relying on a generic deadline or believing that filing a complaint automatically preserves legal rights.
- Sending confidential information to an unverified “recovery” service after a scam.
A practical submission checklist
- Identify the product, firm, representative, account, transaction date, and amount.
- Make a chronology and quote the disputed representations as accurately as possible.
- Save statements, confirmations, disclosures, contracts, messages, advertisements, and call notes; send copies only.
- Write to the representative, then the branch manager, then the firm’s compliance department when the issue is a securities matter.
- State the resolution you want and request a written response; for securities complaints, you can ask compliance to respond within 30 days.
- File with the SEC, FINRA, state securities administrator, CFPB, or another specialist authority that matches the product.
- For suspected fraud, notify the relevant institution and report to appropriate law-enforcement or consumer-protection agencies.
- Obtain individualized legal advice promptly if you seek damages or a deadline may be approaching.
What to expect after filing
The firm or agency may ask for clarification, additional documents, or permission to share your complaint. Respond from your organized file and keep a record of every submission. A referral can produce a written explanation or bring conduct to a regulator’s attention, but it is not a ruling that the firm is liable.
For securities matters, the SEC may refer the complaint to another regulator or SEC division. If the Enforcement Division is involved, confidentiality rules mean you may not receive confirmation of an investigation. For CFPB complaints, the company’s response timeline is generally 15 days, with up to 60 days for a final response in some cases. If the response does not resolve the problem, preserve it for a possible regulator follow-up, arbitration, mediation, or court claim.
If you live outside the United States
Start with the regulator that supervises the product in your country or region and the relevant consumer-protection authority. Securities, banking, insurance, lending, and payment complaints often go to different bodies. Confirm local deadlines, language requirements, ombudsman options, and whether a regulator can order compensation. Do not assume U.S. agencies can investigate a firm or transaction outside their jurisdiction.
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