HAVE QUESTIONS? THE AUTORITÉ DES MARCHÉS FINANCIERS IS HERE TO HELP
While the Autorité des marchés financiers (AMF) is commonly known for its role in framing financial markets and fighting financial fraud, its mandate is actually much broader. The organization is available to provide investors with information before, during and after the purchase of products and financial services.
PROVIDING UNBIASED INFORMATION
From insurance and investment products to overall financial planning, there are many concepts to understand about managing your finances. So many, in fact, that it’s easy to see how the process intimidates people. A good way to get your feet wet is by grasping the basics of the various products available, as well as your rights and responsibilities as an investor. That’s where the AMF comes in.
“One of our top priorities is to make neutral and objective information available to the public to help them make informed decisions about personal finances,” said Louis Morisset, president and CEO of the AMF. “Financial education is a powerful tool that allows consumers to act in their best interest; it is an essential component of our coaching activities and our efforts to protect the public.”
Mandated by the government of Quebec, the AMF is at your service, ready to assist investors on a myriad of subjects, from simple questions to formal complaints, in addition to offering financial education services. However, the AMF does not provide advice on the purchase of products or the use of financial services. Its mission is to provide objective assistance to help you understand the nature of the financial products and services offered in Quebec.
VERIFYING PROFESSIONAL REGISTRATIONS
In Quebec, any company or individual offering financial products and services must be registered with the AMF. This entry appears in the Register of firms and individuals authorized to practice. The Register also clearly indicates what type of financial products and services experts are allowed to offer.
According to the AMF’s 2016 index, even though cases of financial fraud have marked the news in recent years, only 41 per cent of Quebecers have verified if their representative is authorized to sell the product offered.
“A firm or individual who is not registered with the AMF but offering financial products or services can cause substantial problems for any consumer, including fraud and the misappropriation of funds,” said Camille Beaudoin, director of financial education at the AMF. “Verifying their registration with the AMF, which can be done online or by phone, only takes a few minutes and should truly be a basic component of anyone’s personal financial management.”
ANSWERS TO YOUR QUESTIONS
At the AMF’s Information Centre, several people are working to answer your questions about investment products and insurance. These agents give you information on your rights and responsibilities. They can, for example, assist you to verify if the persons or firms with which you intend to do business are duly authorized or offer you one of our educational publications. Each year, the AMF responds to more than 20,000 consumer calls and more than 85,000 inquiries from financial sector stakeholders.
HELP WITH PROBLEMS
In the event that you have a problem with a representative or a company that has offered you financial products or services, you may contact the AMF. It will analyze your case diligently and, if it deems appropriate, will be able to offer you a mediation or conciliation service in order to try to find a satisfactory solution for the parties.
THE FINANCIAL SERVICES COMPENSATION FUND
Lastly, the AMF’s Financial Services Compensation Fund may, depending on eligibility, compensate victims of fraud, fraudulent acts, or embezzlement up to a maximum of $200,000.
The AMF also encourages all consumers to contact their organization at any time if you have reason to believe you’ve been the victim of fraud or become aware of fraudulent activity. Informing the AMF will enable quick action, preventing further acts of fraud by the party involved and protecting the public at large.
For more information about the AMF’s support services, visit lautorite.qc.ca.