The Fonds d’indemnisation des services financiers (financial services compensation fund) may compensate victims of fraud who conduct business with insurance, mutual fund or scholarship plan representatives, claims adjusters or financial planners.
The AMF assesses claims, renders a decision on the eligibility of victims to receive compensation through the fund and determines the amount to be paid.
The maximum compensation payable to consumers is $200,000 per claim through amounts accumulated in the fund, which is financed through compulsory annual contributions paid by certain firms and representatives registered with the AMF.
Does your claim meet the eligibility criteria?
Claims must meet the following eligibility criteria for compensation through the fund:
Criteria 1 – Your loss is due to financial fraud
For a compensation claim to be eligible, the representative’s or firm’s actions must have been intended to mislead you or encourage you to give them your money. Embezzlement may be committed once your payment was made following the signing of a contract. Financial loss must result from this fraud.
Note: Certain acts committed involuntarily by your representative, whether through a mistake, error, negligence or omission, do not qualify for compensation.
Criteria 2 – The offer concerns a financial product or service
The fund covers the actions of representatives or firms authorized to act in the following sectors:
- Insurance of persons (segregated funds, life insurance, accident and sickness insurance, disability insurance, salary insurance, etc.);
- Group insurance of persons;
- Financial planning;
- Damage insurance (auto insurance, home insurance, liability insurance, etc.);
- Claims adjustment;
- Mutual funds;
- Scholarship plans.
To determine whether the firm or representative you are dealing with has the right to carry on activities related to financial products or services, consult the Register of firms and individuals authorized to practise
A. For fraud committed since June 12, 2015
You must have done business with, and have been offered a financial product or service by, a representative or firm authorized by the AMF to act in a sector covered by the fund.
If the representative or firm was not authorized to act by the AMF at the time of the fraud, your claim may still be eligible if you meet the following two criteria:
- You were already doing business with the representative or firm while they held a right to practise; and
- The fraud occurred in the two years following the date when the representative or firm lost their right to practise.
B. For fraud committed before June 12, 2015
You must have done business with a representative or firm licensed to offer you an authorized financial product or service.
See the table that lists the representatives covered by the fund. It provides examples of products and services they are authorized to offer.
Criteria 3 – Your compensation claim must be filed within one year of the date on which you become aware of the fraud
Although the fraud itself may have been committed a few years earlier, the law provides that you must file your compensation claim within one year of the date on which you become aware of the fraud, i.e., the date on which you realized you had been a victim.
However, if you were unable to file your compensation claim within the one-year time limit for reasons beyond your control, your claim may still be eligible.
If you are not sure, it is best to contact the Information Centre
Is your representative authorized to offer you the product?
- Consult the Register of firms and individuals authorized to practise
- Contact an AMF Information Centre agent
- Send us a Request for information This link will open in a new window
Did you know?
At the same time as you submit a compensation claim, you can take action before the civil courts. You could be awarded damages that are not covered by the fund.End of the insight
A consumer may be compensated to a maximum of $200,000 per claim.
An investment that was made jointly by two persons—for instance, by a couple—will be covered by a joint claim, and the maximum compensation payable is $200,000. If two spouses both invested individually, there will be two separate claims, each with a $200,000 compensation limit.
Filing of compensation claim
It is important that your compensation claim be as complete and accurate as possible and that all relevant documents be sent for assessment to the AMF. You will receive an acknowledgment of receipt within 48 hours after your claim is received.
Assessment of file by the AMF
The AMF will assess your file to determine whether the alleged losses result from fraud, and thus confirm whether you are eligible for compensation.
Please note that all three eligibility criteria must be met. Failure to meet one of the criteria means that the claim will be automatically rejected.
An analyst will be in contact with you throughout the process.
Issuance of decision by the AMF
Following an assessment of your file, the AMF will issue a detailed decision based on the relevant facts and applicable law.
Review of decision
If you do not agree with the decision issued by the AMF, you may request a review of the decision by completing the Application for review of decision by Compensation Fund (pdf - 73 KB)This link will open in a new window.
Thereafter, if you do not agree with the review decision, you may apply for a judicial review before the Superior Court of Québec pursuant to section 529 of the Code of Civil Procedure. Given that a judicial review must be instituted as soon as possible after the date of the review decision, we suggest that you consult a legal advisor if you are considering this type of recourse.
Questions? Do you require assistance in completing your claim?
Contact Information Centre
Are you covered by the AMF in the event of fraud?
Consult the brochure on the Fonds d'indemnisation des services financiers (pdf - 425 KB)This link will open in a new window (in French only)