If something goes wrong with a broker, fund manager or other investment firm, Malaysia has more than one place to turn. Which one is right depends on what you want: your money back, or action against wrongdoing.

Step 1: complain to the firm first

The Securities Industry Dispute Resolution Center (SIDREC) says you must first lodge a complaint with the firm, which it calls a member, so the firm can try to resolve the matter with you. Put your complaint in writing and keep copies of everything.

If the firm has not responded after more than 90 days, SIDREC says you can go to it directly. If you are unhappy with the firm's reply, you have 180 days from the date you receive that reply to file with SIDREC.

Step 2: take money disputes to SIDREC

SIDREC handles monetary claims by individual investors and sole proprietors against its members. The dispute must relate to securities, derivatives, fund management or private retirement schemes. SIDREC's examples include service standards, mis-selling, unauthorised transactions and disclosure.

Under its Mandatory Scheme, SIDREC handles claims of up to RM250,000, and its services are free for investors with claims in that range. Claims above RM250,000 are accepted only if both sides agree.

SIDREC does not handle everything. It excludes disputes about a firm's commercial decisions, such as product pricing, fees and charges. It also excludes complaints about how a product or investment performed, unless there was non-disclosure or misrepresentation, as well as matters already in court and matters under investigation by the Securities Commission Malaysia (SC).

To file, complete SIDREC's Dispute/Claim Form and send it with your documents by email to info@sidrec.com.my, by post, or in person. Useful documents include your complaint letter to the firm, the firm's final reply, your account opening forms and any messages between you and the firm.

Step 3: report misconduct to the SC

The SC handles complaints about misconduct by firms it licenses, registers or authorises, unlicensed activities and illegal schemes, market manipulation, insider trading and misleading advertising of capital market products. The SC says it does not get involved in private civil disputes, and it will not tell you the outcome of its assessment.

You can call the SC on 03-6204 8999 on weekdays from 9am to 6pm, or send its complaint form by email or post. The SC does not accept walk-in complainants without an appointment. For unlicensed schemes, it asks for details such as how you found the scheme, names and phone numbers, bank account details for any deposits, websites and screenshots.

Other bodies for other problems

The SC lists other bodies for matters outside its scope. Banking, deposit-taking, forex and insurance matters go to Bank Negara Malaysia (BNM). Complaints about the conduct of unit trust or Private Retirement Scheme consultants go to FIMM.

Before dealing with any firm, you can check its licence at sc.com.my/investment-checker. SmartChecker also shows register records and reviews for the companies it lists.

Common questions

Does it cost money to go to SIDREC? No. SIDREC says its services are free for investors with claims of up to RM250,000.

Can the SC get my money back? The SC says it does not get involved in private civil disputes. Money disputes with its members go to SIDREC.

Can I complain if I live outside Malaysia? Yes. SIDREC says non-Malaysians and people living abroad can seek help if the complaint involves a product or service from one of its members.

Can I stay anonymous with the SC? Yes, but the SC says this may limit its ability to investigate your complaint.