Filing a complaint with us

If you have a complaint about our services or a product, it should be submitted in writing:

BY EMAIL TO:

complaints@wealthsimple.com

BY PHYSICAL MAIL TO: 

Wealthsimple  400 - 80 Spadina Avenue  Toronto, Ontario M5V 2J4

You may want to consider using a method other than email for sensitive information.

Our Client Success team is available to address your concerns and will forward them to the appropriate team as required.

Tell us

  • What went wrong,

  • When it happened, and

  • What you expect, for example, money back, an apology or an account correction.

Help us resolve your complaint sooner

  • Make your complaint as soon as possible.

  • Reply promptly if we ask you for more information.

  • Keep copies of all relevant documents, such as letters, emails, and notes of conversations with us.

Service related issues, problems or concerns  about your account(s) are handled by our Client Success team.

If you're not completely satisfied with the response that you have received from our Client Success representatives, you may request that your concerns be escalated to the compliance team. If appropriate, or when required, your complaint will then be received, reviewed, and addressed by the compliance team.

If your complaint includes an allegation of misconduct or wrongdoing on the part of Wealthsimple, it will be escalated to the Compliance department. The Compliance department is required to review any complaint which alleges misconduct or violation of applicable securities laws on the part of Wealthsimple or its employees. Complaints handled by the compliance team will be handled as follows:

We will acknowledge your complaint

We will acknowledge your complaint in writing, as soon as possible, typically within 5 business days of receiving your complaint. We may ask you to provide clarification or more information to help us resolve your complaint.

We will provide our decision

We normally provide our decision in writing, within 90 days of receiving a complaint. It will include:

  • a summary of the complaint

  • the results of our investigation

  • our decision to make an offer to resolve the complaint or deny it, and

  • an explanation of our decision

If our decision is delayed

If we cannot provide you with our decision within 90 days, we will:

  • inform you of the delay

  • explain why our decision is delayed, and

  • give you a new date for our decision

If you are not satisfied with our decision

If you are not satisfied with our decision, there are different options available to you depending on the product(s) your complaint relates to and province or territory you live in.

Complaints related to your self-directed account(s)

Your self-directed accounts are those where you are responsible for making your investment decisions in stocks, exchange-traded funds, options and crypto. If you are not satisfied with our decision related to your Wealthsimple self-directed accounts, other options available to you include:

  • arbitration, 

  • litigation or civil action, and/or

  • escalation to the Ombudsman for Banking Services and Investments (see below).

If you are a resident of Québec, you may also consider the free mediation service offered by the Autorité des marchés financiers (AMF). For more information, visit the AMF website.

Your self-directed  accounts are provided by Wealthsimple Investments Inc., a member of the Canadian Investment Regulatory Organization (“CIRO”, formerly the Investment Industry Regulatory Organization of Canada or “IIROC”). If you believe that Wealthsimple has violated CIRO rules, you can also submit a regulatory complaint to CIRO for an assessment of whether disciplinary action is warranted. For more information, visit the CIRO website.

Complaints related to your managed account

Your managed accounts are those where you have granted discretionary management to Wealthsimple Inc. If you are not satisfied with our decision related to your managed account, other options available to you include:

  • arbitration, 

  • litigation or civil action, and/or

  • escalation to the Ombudsman for Banking Services and Investments (see below).

If you are a resident of Québec, you may also consider the free mediation service offered by the Autorité des marchés financiers. For more information, visit the AMF website

Ombudsman for Banking Services and Investments

If your complaint relates to your self-directed or managed accounts, then you may be eligible for the free and independent dispute resolution service provided by the Ombudsman for Banking Services and Investments (OBSI) if:

  • we do not provide our decision within 90 days after you made your complaint, or

  • you are not satisfied with our decision

OBSI can recommend compensation of up to $350,000.

Escalating to the OBSI does not restrict your ability to take a complaint to a dispute resolution service of your choosing at your own expense, or to bring an action in court. Keep in mind there are time limits for taking legal action.

If we do not provide you with our decision within 90 days, you can take your complaint to OBSI any time after the 90-day period has ended. If you are not satisfied with our decision, you have up to 180 days after we provide you with our decision to take your complaint to OBSI. The OBSI generally will not investigate a complaint until we have completed our investigation, unless the 90-day period has been exceeded.

Escalations can be submitted through the OBSI website (https://consumerportal.obsi.ca/public/inquiries/inquiry), by email to ombudsman@obsi.ca, or by phone at 1 (888) 451-4519. For more information on OBSI, visit www.obsi.ca.

Information OBSI needs to help you

OBSI can help you best if you promptly provide all relevant information, including:

  • your name and contact information

  • our firm’s name and contact information

  • the names and contact information of any of our representatives who have been involved in your complaint

  • details of your complaint

  • all relevant documents, including any correspondence and notes of discussions with us

OBSI will investigate

OBSI works confidentially and in an informal manner. It is not like going to court, and you do not need a lawyer. During its investigation, OBSI may interview you and representatives of our firm. We are required to cooperate in OBSI’s investigations.

OBSI will provide its recommendations

Once OBSI has completed its investigation, it will provide its recommendations to you and us. OBSI’s recommendations are not binding on you or us.

OBSI can recommend compensation of up to $350,000. If your claim is higher, you will have to agree to that limit on any compensation you seek through OBSI. If you want to recover more than $350,000, you may want to consider another option, such as legal action, to resolve your complaint.

A word about legal advice

You always have the right to go to a lawyer or seek other ways of resolving your dispute at any time. A lawyer can advise you of your options. There are time limits for taking legal action. Delays could limit your options and legal rights later on.