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If you believe a broker, adviser, bank, lender, insurer, or other financial distributor sold you a product using misleading information, left out important risks or fees, recommended something unsuitable, or made a transaction without authorization, act quickly. Preserve the records, complain in writing to the firm, then choose the regulator or dispute forum that matches the product. A complaint can obtain a response and alert regulators, but it does not automatically produce a refund or replace a legal claim.
This guide focuses on U.S. complaint routes. “Mis-selling” describes a concern to investigate, not a legal conclusion: an investment that loses money is not, by itself, proof that the sale was unlawful.
What may count as mis-selling?
Financial sales problems commonly involve one or more of these facts:
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- The recommendation did not fit your objectives, finances, experience, time horizon, or risk tolerance.
- Commissions, spreads, surrender charges, penalties, conflicts, or other costs were not clearly disclosed.
- Important limits, exclusions, liquidity restrictions, guarantees, or loss scenarios were omitted.
- A trade, withdrawal, account change, or other transaction was unauthorized.
Write down exactly what was said or promised, when it was said, who said it, and what you understood. Separate facts from conclusions. For example, “the representative said principal could not fall” is useful evidence; “the firm committed fraud” is a conclusion that requires legal and factual assessment.
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What to do in the first 24 hours
- Secure your account. Review recent statements and confirmations. If you see an unauthorized transaction, contact the firm through a verified channel immediately and ask what steps are available to restrict further activity.
- Preserve documents. Save account statements, trade confirmations, contracts, prospectuses or product literature, fee and risk disclosures, emails, text messages, letters, call notes, and screenshots. Keep the original files and make working copies. The SEC advises sending copies rather than originals.
- Create a chronology. List each contact date, the people involved, the product and amount, the representations made, documents received, transactions completed, and when you noticed the problem.
- Record the financial effect. Note purchase price, fees, withdrawals, current value, rejected requests, and any consequential loss. Do not alter statements or annotate the originals.
- Check time-sensitive obligations. Read account agreements for notice, arbitration, or complaint provisions. Potential court and arbitration deadlines vary by claim, forum, and jurisdiction; a regulator complaint may not pause them.
How to complain to the company
Start with the person or office responsible, but make the complaint written and factual. The SEC’s complaint guidance recommends speaking first with the broker or adviser, escalating to a branch manager, and then writing to the firm’s main-office compliance department if the issue remains unresolved. For an unauthorized transaction or suspected serious fraud, complain in writing promptly rather than waiting for a routine review.
What your letter should contain
- Your name, account or contract identifier, and reliable contact details.
- The product, transaction date, amount, and representative or office involved.
- A numbered account of what you were told, what was omitted, and what documents you received.
- Why the information appears inaccurate, incomplete, unsuitable, unauthorized, or inconsistent with the written terms.
- The loss or other harm you can currently identify.
- The resolution you seek, such as cancellation where legally available, correction of records, reimbursement of a specific charge, or a written explanation.
- A list of attached copies and a request for a written response.
The SEC guide suggests asking the compliance department to respond in writing within 30 days. That is a request for a response, not a universal legal deadline or promise of compensation. Send the letter using a method that creates a delivery record and keep the sent message, attachments, and receipt.
Choose the route that matches the product and your goal
No single agency handles every financial product. Decide whether your immediate objective is a company response, regulatory reporting, or an enforceable recovery, then select the route with authority over the firm.
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| Situation | Primary route | What it can do | Important limit |
|---|---|---|---|
| Broker, investment adviser, securities account, or investment recommendation | SEC Office of Investor Education and Assistance (OIEA); FINRA; or your state securities administrator | Review the complaint, seek information from the firm, refer it to another regulator, and identify possible regulatory concerns. FINRA may provide arbitration or mediation for some disputes. | The SEC cannot 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 CFPB | Consumer Financial Protection Bureau complaint | Routes the complaint to the company or another agency and records the company’s response process. | Check the current product list. Do not assume an insurance or investment product is accepted. |
| Suspected scam, impersonation, theft, or other criminal conduct | Local police or sheriff, state attorney general, Federal Trade Commission, and—when investments are involved—SEC, FINRA, or your state securities regulator | Creates reports for law-enforcement or regulatory action and may connect the matter to the agency with jurisdiction. | Reporting does not itself adjudicate your private compensation claim. |
| Personal recovery for a material loss | Court, arbitration, mediation, or negotiated settlement, with advice from a securities or other appropriate attorney | May provide a binding decision, settlement, or other remedy depending on the agreement and forum. | Deadlines, filing requirements, costs, and available remedies vary. A regulator complaint is not a substitute for filing a claim. |
How to report a securities or investment problem
The SEC’s OIEA accepts complaints about misleading disclosures, suitability, commissions, trade handling, and account activity. The SEC may send your complaint to the firm if you consent, refer it to another SEC division or agency, or use it to identify possible violations. FINRA and your state securities administrator are additional routes identified in SEC guidance. NASAA provides a way to locate state securities-regulator contacts.
- Assemble the chronology and copies of statements, confirmations, agreements, disclosures, and communications.
- Describe the representative, firm, account, product, dates, amounts, and exact statements or omissions.
- Explain whether you seek a firm response, are reporting suspected misconduct, or are pursuing compensation; these are different objectives.
- Submit through the SEC’s current investor-complaint process and retain the confirmation and all follow-up correspondence.
- Respond promptly if the SEC or firm asks for clarification, while keeping your own complete file.
The SEC’s Investor Bulletin, updated September 8, 2026, cautions that the Enforcement Division investigates confidentially and will not confirm or deny whether an investigation exists. The SEC also states that it cannot act as an investor’s attorney or personal representative. A referral or company response therefore should not be read as a finding that the sale was unlawful.
When the CFPB is the better route
The CFPB’s complaint system covers categories including bank accounts, credit cards, debt collection and management, mortgages, personal loans, student loans, vehicle loans, and money services. Its current guidance asks for the key facts, dates, amounts, communications, and supporting documents.
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- Confirm that your product appears on the CFPB’s current product list.
- State the problem in a short opening summary, followed by a dated chronology.
- Attach readable copies of statements, contracts, notices, and messages; do not send originals.
- Identify the outcome you want, such as correction of an account, explanation of a fee, or review of a transaction.
- Save the complaint number and the company’s response.
Companies generally respond within 15 days under the CFPB’s current page; in some cases they may take up to 60 days to provide a final response. The CFPB may route a complaint to another agency when that agency is better placed to assist. Complaint information is published without information that directly identifies the consumer, according to the CFPB.
What to do when you suspect fraud
Move quickly if someone impersonated a firm, took money without authorization, forged documents, or used a scam to obtain payment. Preserve phone numbers, emails, web addresses, payment instructions, receipts, and account records. Report the conduct to local law enforcement, your state attorney general, and the FTC; for an investment scam, Investor.gov also identifies the SEC, FINRA, and your state securities regulator. More than one agency may be relevant.
Be cautious about anyone who claims they can recover your money for an upfront fee. Do not provide additional account credentials or send more funds until you have independently verified who is contacting you.
Can you get your money back?
Possibly, but no agency route guarantees repayment. A firm may voluntarily correct an error or negotiate a settlement. Arbitration, mediation, or a court action may provide a formal remedy if the facts and governing agreement support it. The available claim—such as rescission, damages, or fee reimbursement—depends on the product, representations, contracts, applicable law, and proof of loss.
Obtain individualized advice promptly if the loss is material, the firm denies responsibility, or an agreement requires arbitration. Federal and state securities laws can provide rights and remedies, but the SEC warns that legal-action time limits are limited and differ by situation. Do not assume that submitting a regulator complaint preserves a court or arbitration deadline.
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Use a simple index
Number each document and describe it in one line: “03 — confirmation for purchase on March 4,” “04 — email stating principal was guaranteed,” or “05 — fee schedule supplied at account opening.” Keep a separate chronology with the matching document numbers.
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Distinguish knowledge from memory
Mark whether an entry comes from a written record, a contemporaneous note, or later recollection. Quote important words exactly and identify who was present. If a conversation was by phone, record the date, time, number, participants, and your best account of the discussion without embellishment.
Show the requested remedy
Explain what a practical fix would be and how you calculated any amount. If the amount is uncertain, say what is known and attach the statement supporting it. A precise request is easier for compliance staff to evaluate than a general demand to “make it right.”
What happens after you file?
A company or agency may ask for more documents, refer the matter elsewhere, or close it without action. Reply by the stated deadline and keep copies of every response. A regulator’s silence is not proof that the sale was proper, and a referral is not a decision on liability. Continue tracking account activity and preserve new statements while the complaint is open.
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The procedures above are U.S.-specific. Identify the regulator for the product and the financial professional in your country, plus the national or regional consumer-protection authority. Ask whether it offers an ombudsman, formal complaint escalation, mediation, or an investor-compensation scheme, and check local limitation periods. Do not assume that SEC, FINRA, or CFPB procedures apply to a non-U.S. firm or account.
Final checklist
- Have you preserved copies of every statement, disclosure, contract, confirmation, and communication?
- Have you written the dates, amounts, names, exact representations, and resulting harm?
- Have you sent a factual written complaint to the firm and requested a specific response?
- Have you selected the regulator that matches the product and firm?
- If fraud or an unauthorized transaction is involved, have you reported it promptly through appropriate channels?
- Have you checked arbitration terms and sought legal advice before a possible deadline expires?
The practical sequence is straightforward: preserve the evidence, complain in writing, match the route to the product, and obtain legal advice when compensation or a deadline is at stake. That approach protects your options without assuming—before the facts are reviewed—that a poor outcome was legally a mis-sale.
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