How to File the FINRA Complaint Form Against Your Broker

To file a FINRA complaint against a broker, use FINRA’s free online Investor Complaint Form at finra.org/investors/need-help/file-a-complaint. You submit it directly to the regulator that oversees brokerage firms and their registered representatives, and FINRA staff review the allegations and decide whether to open a formal investigation. The complaint itself is not a lawsuit and will not recover money on its own. If financial damages are your goal, you also need to file a separate arbitration or mediation claim through FINRA’s Dispute Resolution Services.1FINRA. File a Complaint

Make Sure the Complaint Form Is the Right Channel

FINRA runs three separate channels, and picking the wrong one costs you time. A complaint is what you file when a broker or firm did something to you: unauthorized trades in your account, misleading statements about a product, failure to transfer your assets. FINRA investigates and may discipline the broker, but the complaint process does not award you money.

A regulatory tip is for suspicious activity you have observed that does not necessarily involve your own account, such as a firm you suspect of fraud or a broker operating without proper registration. Tips go through a separate portal and can be submitted anonymously, though FINRA notes that anonymous tips lose value when investigators cannot follow up with the source.2FINRA. File a Tip

If your goal is to get money back, you need FINRA’s Dispute Resolution Services. Arbitration produces a binding decision; mediation is cheaper and less formal but only works if both sides agree to a settlement.3FINRA. Overview of Arbitration and Mediation Many investors file a complaint and an arbitration claim at the same time. The complaint triggers regulatory scrutiny; the arbitration claim pursues restitution.

What You Can Report

FINRA’s complaint program covers conduct by its member firms and registered brokers, roughly 634,500 registered representatives as of year-end 2024.4FINRA. 2025 FINRA Industry Snapshot The most common categories of complaints fall into a few buckets.

  • Unauthorized trading. Transactions executed without your knowledge or consent. A broker who buys or sells securities in your account without permission has crossed a bright line.
  • Misrepresentation or omission. A broker who lies about a product’s risks, exaggerates potential returns, or fails to disclose material facts about an investment.
  • Unsuitable recommendations. Since June 2020, recommendations to retail customers fall under the SEC’s Regulation Best Interest standard, which requires brokers to act in your best interest rather than merely recommending “suitable” investments. FINRA Rule 2111 still applies to recommendations made to institutional investors and certain non-retail accounts.5FINRA. Regulatory Notice 20-18
  • Excessive trading (churning). A broker who makes frequent trades primarily to generate commissions rather than to benefit you. The suitability rule’s quantitative component addresses whether a series of trades, even if individually reasonable, becomes excessive when viewed as a whole.6Financial Industry Regulatory Authority. FINRA Rule 2111 – Suitability
  • Account transfer problems. When you move your account from one firm to another, FINRA Rule 11870 sets deadlines and procedures the firms must follow. Delays, missing assets, or outright refusal to release your account are common complaints.7FINRA. FINRA Rule 11870 – Customer Account Transfer Contracts

FINRA received nearly 25,000 investor complaints directly in 2025.8FINRA. Key Statistics If you are unsure whether your issue falls within FINRA’s jurisdiction, file anyway. FINRA will evaluate it and forward it to the appropriate regulator if needed.1FINRA. File a Complaint

Gather Your Information Before You Start

The online form asks for specific details. Having everything ready prevents a half-baked submission that is harder for investigators to act on.

  • The exact legal name of the brokerage firm and the individual broker or brokers involved.
  • CRD numbers. Every registered firm and broker has a Central Registration Depository number, a unique identifier that tracks their licensing, employment history, and disciplinary record. Look them up on BrokerCheck at brokercheck.finra.org.9FINRA. Central Registration Depository
  • Your account name and number for the account where the disputed activity occurred.
  • The names of the specific stocks, bonds, mutual funds, or other products at the center of your complaint.
  • Dates: specific transaction dates, dates of conversations, and the date you discovered the issue.
  • A chronological description of events. Stick to facts: what the broker said, what instructions you gave, what happened in the account.
  • A list of supporting documents you have, such as monthly account statements, trade confirmations, emails, letters, or notes from phone calls.10FINRA. Investor Complaint Program
  • Your contact information: full address, phone number, and email.

Run a BrokerCheck Search First

Before filing, pull the broker’s BrokerCheck report. It is free and instant, and it shows whether the broker has a history of complaints, regulatory actions, or arbitration awards. Reports include employment history, licensing information, and disclosure events like customer complaints, disciplinary actions, and criminal convictions.11FINRA. FINRA BrokerCheck Disclosure If prior complaints resemble yours, mention that pattern in your narrative.

Estimate Your Financial Loss

The form asks about financial impact. The standard way to frame it is your net out-of-pocket loss: what you invested, minus any income you received (dividends, interest), minus the current value of the investment. If you put $50,000 into a fund, received $3,000 in dividends, and the fund is now worth $20,000, your net out-of-pocket loss is $27,000. A precise calculation is not required, but a reasonable estimate helps investigators understand the scale of harm.

Complete and Submit the Form

The complaint form is entirely online. Go to finra.org/investors/need-help/file-a-complaint and click the “File a Complaint” button to reach the submission portal.1FINRA. File a Complaint There is no fee.

The portal walks you through your personal contact information first, then the details of your financial dispute: firm and broker names, account information, the securities involved, and the narrative description of events. Upload digital copies of your supporting documents during the submission. Account statements and trade confirmations carry the most weight because they verify the timeline independently of your description.

Review everything before submitting. Once you click submit, the system generates a confirmation number. Save it. That number is your reference point for any future correspondence with FINRA about your complaint, and you should receive an automated email confirmation shortly after.

FINRA no longer accepts complaints by fax.1FINRA. File a Complaint All submissions run through the online portal.

What Happens After You File

FINRA assigns your complaint to a staff investigator who reviews the documentation against applicable rules. There is no set timeline. FINRA’s own guidance says it cannot predict how long any particular investigation will take, since complexity varies with the number of parties involved, the volume of documents to review, and whether testimony is needed.12FINRA. The Important Role Customers Play in Assisting FINRA in Investigations The investigator may contact you to clarify details or request additional evidence.

Under Rule 8210, FINRA has broad authority to compel member firms and their associated persons to hand over documents and provide testimony under oath.13FINRA. FINRA Rule 8210 – Provision of Information and Testimony and Inspection and Copying of Books The firm is typically asked to respond to the allegations in writing and produce its own records. The investigator compares both sides before deciding what action, if any, is warranted.

For less serious issues, FINRA may issue a cautionary action letter, an informal warning that does not rise to the level of formal discipline.14FINRA. Sanction Guidelines – FAQ For more serious violations, FINRA initiates formal disciplinary proceedings. Sanctions range from fines to suspension or permanent barring from the securities industry. In 2025, FINRA ordered a combined $99.6 million in fines and disgorgement across 625 new disciplinary actions.8FINRA. Key Statistics You should receive written updates about the progress and outcome of your complaint.

If You Want Your Money Back

The complaint form alone will not recover funds. For that, you file a claim with FINRA’s Dispute Resolution Services, which administers the largest securities dispute resolution forum in the country.15FINRA. Arbitration and Mediation

One hard deadline to know: no claim is eligible for FINRA arbitration if more than six years have passed since the event that caused the problem.16Financial Industry Regulatory Authority. FINRA Rule 13206 – Time Limits The clock starts from the date of the misconduct, not when you discovered it, so do not sit on a complaint while weighing your options. Filing both the complaint and an arbitration claim at the same time is common: one puts the broker’s conduct on the regulator’s radar, and the other pursues your losses.