The AMF administers the Fonds d’indemnisation des services financiers (“financial services compensation fund”). The fund may compensate victims of fraud, fraudulent tactics (dishonest practices) and embezzlement who conduct business with individuals and companies authorized to operate under An Act respecting the distribution of financial products and services, or in connection with mutual funds or scholarship plans.
The AMF proceeds with the assessment of claims, renders a decision on their eligibility to receive an indemnity through the fund and determines the amount of the indemnity to be paid to the victim.
The maximum compensation payable to consumers is $200,000 per claim through funds accumulated in the fund. The latter is financed through compulsory annual contributions paid by firms and representatives registered with the AMF.
Does your claim meet the eligibility criteria?
Step 1 :
You must have conducted business with a company (firm or independent partnership) or an independent representative authorized to operate in one of the five sectors governed by An Act respecting the distribution of financial products and services:
- Insurance of persons (segregated funds, life insurance, accident and sickness insurance, disability, wage loss, etc.)
- Group insurance of persons
- Financial planning
- Damage insurance (auto insurance, home insurance, liability, etc.)
- Claims adjustment
You must have conducted business with a representative of a mutual fund dealer or of a scholarship plan dealer.
To verify the validity of a representative’s or a firm’s right to practice:
- Contact the AMF Information Centre by e-mail at: Request for information This link will open in a new window
- Consult the Register of firms and individuals authorized to practice
Step 2 :
The registered company (firm or independent partnership) or the registered representative must have acted within the limits authorized by the registration. The alleged offence must be related to a product that the company or representative was authorized to provide under their registration with the AMF.
Step 3 :
You must file your claim within one year of the date on which you become aware of the fraud, fraudulent tactics or embezzlement.
If all three eligibility criteria are satisfied, the AMF will proceed with the assessment of your claim to determine whether the alleged losses are as a result of fraud, fraudulent tactics or embezzlement, 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.
Certain acts committed involuntarily by your representative, whether through a mistake, error, negligence or omission, do not qualify for an indemnity payment.
Filing a claim
Consumers who believe they have lost money as a result of fraud can file a claim for compensation with the AMF. First you need to verify whether your case meets the eligibility criteria set out by the financial services compensation fund.
The AMF carries out a detailed assessment of each claim to determine if an indemnity is to be paid out. It is, therefore, important that your claim be as complete and accurate as possible and that all the relevant documents are sent to the AMF at the assessment stage.
Completing the claim form
A claim form must be completed. The form allows you to apply for compensation according to AMF criteria.
In completing the form, you must:
- Set out the facts, explaining what occurred;
- Indicate the name of the representative involved;
- Indicate the name of the company (firm, insurer, dealer);
- Indicate the amount of the claim;
- Swear to the contents of the claim, by signing it before a commissioner for oaths (a person authorized to witness a solemn declaration such as a notary, lawyer, physician or an authorized agent at a financial institution);
- Provide all documentary evidence to support your claim (copies of contracts, receipts, cheques, etc.).
Send your claim form (pdf - 117 KB)This link will open in a new window along with the supporting documents to the following address:
Autorité des marchés financiers
Place de la Cité, tour Cominar
2640, boulevard Laurier,
4e étage Québec (Québec) G1V 5C1