Investigation Report: Ombudsman Act –  Manitoba Securities Commission

2016-04-27

Summary

We received a complaint that the Manitoba Securities Commission failed to investigate the complainants’ grievance regarding an investment advisor and that they were not provided with sufficient information about the advisor including the advisor’s active supervisory terms and conditions. Based on our investigation, we found that the commission’s decision not to formally open an investigation into the complainants’ concerns was not wrong or unreasonable. However, the commission should have provided the complainants with the investment advisor’s supervisory terms and conditions that were part of the public record when the complainants first brought their grievance forward. As a result of our investigation, the complaint is supported in part and two recommendations were made to improve administrative accountability. The commission accepted the recommendations and has taken steps to implement them.

Case 2012-0097