DOB: Landing Page - Securities BD-IA

File a Securities Broker-Dealer /Investment Adviser
or their Representative Complaint


Department of Banking Complaint Notice: 

The Department of Banking reviews complaints with a Connecticut nexus*.  Complaints can be about Securities Brokerage firms and their representatives, Investment Adviser firms (including financial planners) and their representatives, issuers of securities, mutual funds, public companies and Business Opportunities conducting business within or from Connecticut.

Examples include a Connecticut resident against any broker or adviser, regardless of their location; an out of state consumer against a Broker-Dealer or Investment Adviser with a place of business in Connecticut or investment in a company located in Connecticut.

Complaints with no Connecticut nexus may be filed with the appropriate regulator such as the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), or another state’s Securities regulator, members of North American Securities Administrators Association (NASAA).

*Connecticut nexus is “no jurisdiction unless you are a Connecticut resident who purchased the investment or it was sold from Connecticut.”

How do I submit a complaint?

  1. Determine whether a person or firm is registered with FINRA and/or Connecticut to sell securities (stocks, bonds, mutual funds, and more) offer investment advice for a fee, or both by visiting FINRA BrokerCheck. Also BrokerCheck provides a snapshot of a broker’s employment history, licensing information, and regulatory actions arbitrations and complaints.  See FINRA BrokerCheck Instructions.
     
  2. In addition to FINRA BrokerCheck, for background information on Investment Advisers, visit the SEC's Investment Adviser Public Disclosure database.
     
  3. Investment Adviser firms with assets under management (AUM) - defined as “the total market value of assets that an investment company or financial institution manages on behalf of investors. Assets under management definitions and formulas vary by company” - of less than $100 million are registered and supervised by a state securities regulator.  Determine whether an Investment Adviser is registered with State of Connecticut using the Department of Banking Registered Investment Adviser List Look Up.
     
  4. Submit the following complaints to the Department of Banking using the Online Customer Assistance Form:
     
    Securities Brokerage Firm or Investment Adviser Firm and their representatives, issuers of securities, mutual funds, public companies, and Business Opportunities with a CT nexus (see complaint notice and examples at the beginning of this section). 
     

        
         DOB Online Consumer Assistance Form    
     
     

      
  5. Complaints against individuals and firms whose activities meet the definition of Broker-Dealer or Investment Adviser but are not registered, should be submitted to the Department of Banking using the Online Customer Assistance Form.
     
  6. In addition to the Department of Banking, FINRA accepts complaints against Securities Brokerage firms and their representatives regulated by FINRA. Send this type of Complaint to FINRA's Investor Complaint Center.
      
  7. In addition to the Department of Banking, the SEC accepts complaints against Investment Adviser firms and their representatives registered with the SEC.  Send this type of Complaint to the SEC.

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Helpful Resources

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Questions?

Contact the Connecticut Department of Banking Consumer Affairs Unit at one of the following numbers:

Telephone Direct: 860-240-8170
Toll-free: 1-800-831-7225, ext. 8170
Fax: 860-240-8178
Email:  banking.complaints@ct.gov

Foreclosure Assistance Hotline:  1-877-472-8313

Rental Security Deposits:  860-240-8154 or toll-free 1-800-831-7225, ext. 8154
Fax: (860) 920-3028
Email:  dob.sd@ct.gov