RICHMOND — The State Corporation Commission (SCC) is making it easier for consumers to file complaints relating to securities professionals, certain securities and investments, and franchises.
Beginning February 12, the Division of Securities and Retail Franchising will join the list of SCC divisions that offer consumers an opportunity to file written complaints electronically through the SCC web site at www.scc.virginia.gov. Online complaint capability is already in use by the Commission’s energy regulation and communications divisions and its Bureau of Insurance. Written complaints may also be submitted to the appropriate division by mail or fax.
The SCC responds to thousands of inquiries and complaints each year regarding the entities it regulates. These include insurance companies and agents; securities professionals and certain securities; state-chartered financial institutions and consumer finance companies; investor-owned electric, gas, water, and sewer companies; and telephone companies doing business in Virginia.
SCC divisions have staffs who are specially trained to respond to public inquiries and assist consumers regarding complaints. In 2006, SCC divisions reported more than 100,000 inquiries and complaints as follows:
| Division | Complaints | Calls & Other Inquiries |
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| Division of Securities and Retail Franchising | 283 | 37,344 |
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| Bureau of Insurance | 4,481 | 40,852 |
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| Bureau of Financial Institutions | 1,157 | 12,092 |
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| Division of Communications | 4,737 | 1,284 |
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| Division of Energy Regulation | 4,800 | 800 |
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| TOTAL | 15,458 | 92,372 |
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Visitors to the SCC web site can find a wealth of information about industries regulated by the Commission and can use its look-up features to determine if an individual or business is licensed or authorized by the Commission to do business in Virginia. In addition, the SCC offers numerous consumer guides and other materials regarding regulated entities, and participates in outreach efforts throughout the state.
During National Consumer Protection Week February 4-10, the SCC joins other federal, state, and local governmental agencies to encourage Virginians to “Read Up, Reach Out, and Be an Informed Consumer.” By gathering and sharing information, consumers can be more confident, savvy and safe in the marketplace.
“We encourage Virginians to take advantage of the many ways in which the SCC can help them. The more you know, the less likely you will be to fall for fraudulent offers, pay unnecessary fees, or put your hard-earned money into products that don’t meet your needs. Informed consumers are also better prepared to seek redress should a problem arise,” said Ron Thomas, director of the SCC’s Division of Securities and Retail Franchising. “Whether you have a question, would like one of our publications, want to arrange for a speaker, or need to file a complaint, we’re only a call or a click away.”
For more information, consumers may visit the SCC web site or call the Commission toll-free in Virginia at 1-800-552-7945. They may contact SCC divisions in Richmond directly as follows:
- Division of Securities and Retail Franchising (804) 371-9051
- Bureau of Insurance (804) 371-9741
- Bureau of Financial Institutions (804) 371-9657
- Division of Communications (804) 371-9420
- Division of Energy Regulation (804) 371-9611
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