What do I need to know about working with a discount broker?
Discount brokers or dealers offer trade-execution services only. You may pay lower fees, but you won’t get investment advice or the same level of service and support you would get from a full-service dealer.
Your account agreement will tell you about the services that your dealer is obliged to provide.
If you are unhappy with the service, or speed of service, provided by your discount dealer, check your agreement to determine if the dealer is contractually obliged to provide the service. The OSC does not regulate contracts between investors and their dealers. You may wish to get legal advice to assist with contractual matters.
Investment dealers must also follow the rules and bylaws of the Investment Industry Regulatory Organization of Canada (IIROC).