The FISF covers the acts committed by representatives, trainees or firms authorized by the AMF to offer financial products and services to the public when acting in or as:

• Group insurance of persons
• Damage insurance
• Insurance of persons
• Restricted dealers (effective June 4, 2026)
• Mutual fund dealers
• Derivatives dealers or advisers (effective June 4, 2026)
• Investment dealers (effective June 4, 2026)
• Scholarship plan brokerage
• Mortgage brokerage (Note that different eligibility criteria apply if the fraud occurred before May 1, 2020)
• Exempt market dealers (effective June 4, 2026)
• Claims adjustment
• Portfolio managers (effective June 4, 2026)
• Financial planning

For claims adjustment, the FISF also covers the acts of non-certified persons authorized to settle certain types of claims.

To determine whether the financial intermediary you’re dealing with has the right to carry on activities related to financial products or services, check the Register of firms and individuals authorized to practise.

If the financial intermediary was no longer authorized to act by the AMF at the time of the fraud, your claim may still be eligible if:

1. You had previous business dealings with the financial intermediary while they held an authorization; and
2. The fraud occurred in the two years following the date when the financial intermediary lost their authorization.

The product or service has tot have been offered to you by a financial intermediary covered by the FISF.

Generally, a financial product is a product covered by a law administered by the AMF. For example:

• Mutual fund units
• Segregated fund contracts
• Insurance (life insurance, disability insurance, auto insurance, home insurance, liability insurance, group insurance, etc.)
• Shares
• Investment contracts
• Debt securities
• Derivatives (options, swaps, futures contracts, contracts for difference)

A financial service is a service covered by a law administered by the AMF, including, but not limited to:

• Financial planning
• Claims adjustment
• Mortgage brokerage
• Portfolio management

For your claim to be eligible, you must demonstrate that you are either a victim of fraud committed by a financial intermediary by showing that the financial intermediary had the intent to deceive you or that you are a victim of embezzlement by showing that the financial intermediary used your money or assets otherwise than as agreed upon.

Note: Fault, errors, negligence or omissions by a financial intermediary that are not intentional are not compensable. For these types of cases, the AMF offers services for the handling of consumer complaints involving financial institutions and financial sector practitioners: Assistance and Complaints.

Although a few years may have passed since the fraud was committed, the law requires you to file your claim within one year of the date on which you became aware of it, i.e., the date on which you realized you had been defrauded.

However, if you were unable to file your claim within the one-year time limit, your claim may still be eligible.

If you’re not sure, contact our Information Centre.

Independent representatives, firms, independent partnerships, dealers and portfolio managers are required to pay an annual contribution to the FISF for each of their representatives.

The contribution amounts are as follows:

If a representative operates in more than one sector, the contribution to be paid is discounted by $75 for each additional sector, except for non-certified persons authorized to settle certain types of claims and trainees.

Firms offering services through a digital space or platform

• An annual contribution of $5,000 will be required to be paid by investment dealers or restricted dealers registered under the Securities Act that allow investors to buy and sell financial products through an on-line trading platform without the intermediary of a natural person.
• An annual contribution of $500 will be required to be paid by independent partnerships or firms registered under the Act respecting the distribution of financial products and services that offer products or services through a digital space (or platform) without the intermediary of a natural person within the meaning of section 2 of the Regulation respecting Alternative Distribution Methods.

Adjustments

The contributions will be adjusted each year by a rate corresponding to the annual change in the overall consumer price index for Canada.

Effective June 2029, the contributions will also be adjusted based on the FISF’s accumulated surplus as at March 31 of the preceding year.

For the FISF’s accumulated surplus, refer to the financial statements for the FISF (pdf - 18 MB)This link will open in a new windowUpdated on September 23, 2025L’Autorité des marchés financiers est l’organisme mandaté par le gouvernement du Québec pour encadrer le secteur financier québécois et prêter assistance aux consommateurs de produits et services financiers. (in French only).

The outcome of these adjustments is published in the Bulletin of the Authority.

When a victim is compensated by the FISF, the AMF acquires some of the victim’s rights against the culpable representative or firm. The AMF can then sue the responsible party as if the AMF were the victim, enabling it to sometimes recoup all or some of the amounts paid as compensation to the victims.

The interest earned on the FISF’s investments is paid in full to the FISF.

Finances

Each year, the AMF publishes its financial statements, which include the FISF’s financial information (pdf - 18 MB)This link will open in a new windowUpdated on September 23, 2025L’Autorité des marchés financiers est l’organisme mandaté par le gouvernement du Québec pour encadrer le secteur financier québécois et prêter assistance aux consommateurs de produits et services financiers. (in French only).