SEC Tip and Complaint Center
The SEC operates the Tips, Complaints, and Referrals (TCR) system at sec.gov/tcr. Investors can submit complaints about broker-dealers, market makers, and other securities industry participants. The SEC reviews complaints and may use them to identify patterns warranting investigation, even if individual complaints do not result in direct action.
FINRA Complaint Center
FINRA operates its own investor complaint center at finra.org/investors/have-problem. Complaints about broker-dealers — including best execution, account management, and trade execution issues — can be submitted online. FINRA can investigate complaints and, in some cases, require resolution through its dispute resolution process.
FINRA Arbitration
For disputes involving specific monetary claims against brokers, FINRA's arbitration process is a common resolution mechanism. Most brokerage account agreements require arbitration for disputes rather than court litigation. The process is faster than litigation but has tradeoffs regarding discovery and appeals rights.
State Securities Regulators
Each state has a securities regulator that can receive complaints about broker-dealer conduct affecting state residents. State regulators can investigate and, in some cases, bring enforcement actions. The North American Securities Administrators Association (NASAA) maintains a directory of state regulators at nasaa.org.