This article explains, in Philippine context, when and how to bring a complaint before the Securities and Exchange Commission (SEC) against companies—including lending and financing apps—what remedies you can expect, and how to prepare persuasive, admissible evidence. It’s general information, not legal advice.

1) When the SEC is the right forum

The SEC is the primary regulator for:

Securities violations – unregistered investment offerings, Ponzi/pyramiding schemes, false or misleading statements in selling securities (e.g., “double your money,” guaranteed returns).
Corporate compliance – misuse of a corporate name, doing business without proper SEC registration/authority, violations of the Revised Corporation Code (RCC).
Lending/financing companies and online lending platforms (OLPs) – operating without a Certificate of Authority (CA), unfair or abusive debt collection practices, misleading advertisements, hidden fees, and violations of the Lending Company Regulation Act (LCRA) and the Financing Company Act (FCA), including SEC rules specific to OLPs (e.g., disclosures, conduct).
Market misconduct – insider trading, market manipulation (for publicly listed securities), broker/dealer misconduct.

Other agencies you might also need

National Privacy Commission (NPC): doxxing, unauthorized contact scraping, excessive data collection, or privacy breaches by OLPs.

Bangko Sentral ng Pilipinas (BSP): banks, e-money issuers, and some credit providers outside SEC jurisdiction.

DTI: false advertising or unfair sales practices by sole proprietors (non-corporations).

PNP-ACG/NBI: criminal scams, cyber harassment, extortion.

Courts/Small Claims: to recover money or damages.

2) Legal bases you can cite (core provisions)

Republic Act No. 8799 – Securities Regulation Code (SRC) (unregistered securities; fraud in the sale of securities).
Republic Act No. 11232 – Revised Corporation Code (RCC) (corporate registration/compliance; SEC’s enforcement powers).
Republic Act No. 9474 – Lending Company Regulation Act (LCRA) and RA 8556 – Financing Company Act (FCA) (registration/authority and conduct of lending/financing companies).
SEC Memorandum Circulars for Lending/Financing Companies – including the Guidelines on Prohibition of Unfair Debt Collection Practices (commonly cited as SEC MC No. 18, s. 2019) and companion rules for online lending platforms (e.g., disclosures, registration/CA requirements).
Revised Penal Code / Cybercrime Prevention Act (RA 10175) – if the conduct also constitutes crime (SEC may refer to prosecutors).
Data Privacy Act (RA 10173) – for privacy harms (usually NPC’s domain; you can file with both SEC and NPC if facts overlap).

3) What the SEC can do with your complaint

Investigate (through the Enforcement and Investor Protection Department, EIPD) and require the respondent to explain.
Issue a Cease and Desist Order (CDO) to stop unlawful solicitations or abusive collection immediately.
Impose administrative sanctions (fines, penalties).
Suspend or revoke a corporation’s registration or a lending/financing company’s Certificate of Authority.
Refer for criminal prosecution (e.g., SRC violations) to the Department of Justice.
Public advisories warning the public about entities/scams.

What the SEC generally does not do: order the respondent to pay you damages right away. Monetary recovery typically requires a court action (e.g., civil suit or small claims) unless a settlement is reached.

4) Step-by-step: Filing a complaint with the SEC

Step 1 — Determine fit and frame your theory

Identify the primary violation(s) (e.g., “Unregistered investment solicitation,” “Operating as a lending company without a CA,” “Unfair debt collection—harassment/shaming,” “False advertising of guaranteed returns”).
Connect each fact to a law or rule (SRC, RCC, LCRA/FCA, MC on unfair collection, etc.).

Step 2 — Gather admissible, well-organized evidence

Create a digital folder with clear filenames and dates. Typical exhibits:

Screenshots/recordings of solicitations or threats; website/app pages; ads; chat logs; SMS; call recordings (note date/time).
Copies of contracts/receipts/loan statements, repayment ledgers, interest/fee breakdowns.
Proof of identity of the entities: corporate name used in ads, app developer/publisher, website URL, payment channels (GCash/bank account names), DTI/SEC/BIR details if visible.
Victim/witness affidavits narrating the events in chronological order.
Tech trail: domain WHOIS (if you have), app store listing screenshots, social media pages, QR codes/payment references.
Harassment evidence (OLPs): contact lists messaged, group texts, defamatory posts, voicemail threats, “contact scraping” notices, etc.
Money trail: deposit slips, e-wallet or bank transaction histories.

Tips

Keep original, unedited files. Don’t crop out metadata.

Export complete chat/message threads (not cherry-picked lines).

Document the date you captured each file.

Step 3 — Draft your Complaint-Affidavit

Your complaint should be concise, factual, and rule-anchored (see template below). Include:

Complainant information (name, address, contact).
Respondent details (corporate name, app name, URLs, social handles, officers if known).
Narrative of facts (what happened, when, where, how).
Specific violations (cite SRC/RCC/LCRA/FCA and relevant SEC circulars).
Relief sought (investigation, CDO, fines/suspension/revocation, referral for prosecution, public advisory).
List of annexes (A, B, C…).

Have the affidavit subscribed and sworn before a notary public (standard jurat). If several victims exist, multiple affidavits help.

Step 4 — File your complaint

Typical filing channels the SEC accepts include:

By email or online intake (attach PDFs and e-evidence, organized by annex).
In person or by courier at the SEC’s main office or extension offices.
Through a representative with a signed authorization.

Provide a cover letter summarizing the violations and a table of exhibits.

Keep a complete copy of everything you submit and note the date/time and mode of filing.

Step 5 — Monitor and assist the investigation

Watch for SEC notices requesting clarifications or additional evidence; respond promptly and completely.
If new victims surface, supplement with additional affidavits.
For ongoing public harm (e.g., a live website/app), politely request urgent interim relief (e.g., CDO).

5) Special notes for complaints against lending/financing apps

Operating without a Certificate of Authority (CA) is a serious offense. Evidence: ads or app pages offering loans plus proofs of disbursement/collection and the entity’s corporate identity.
Unfair debt collection (e.g., threats, shaming, contacting your phonebook, obscene language, fake legal notices) is prohibited under SEC’s unfair collection guidelines (widely cited as MC 18-2019). Collect screenshots, audio, and witness statements.
Excessive/hidden charges and misleading APRs can constitute deceptive practices. Preserve fee tables and payment computations.
Data privacy abuses (contact scraping, doxxing) should also be filed with the NPC; include that parallel case number in your SEC submission if available.
If the app uses unregistered collection agents or shell entities, trace payment channels and GCash/bank accounts used to collect.

6) What to expect after filing

Docketing & initial assessment: SEC checks jurisdiction and completeness.
Fact-finding / order to explain: Respondent may be required to answer.
Interim relief: For clear, ongoing public harm, the SEC may issue a Cease and Desist Order while the case proceeds.
Disposition: Administrative sanctions; suspension/revocation of CA; referral to prosecutors for criminal charges; investor/public advisory.
Parallel actions: You may still pursue civil remedies (e.g., small claims for amounts owed, damages for harassment/defamation) and criminal complaints (e.g., estafa, cybercrime), as applicable.

7) Evidence checklist (quick copy-paste)

Identity of complainant(s) (ID, contact details)
Respondent identification (corporate name, app name, URLs, social pages, payment accounts)
Timeline of events (dated)
Screenshots/recordings of solicitations, threats, shaming, or false claims
Contracts/loan statements, repayment records, fee/interest breakdowns
Proof of payments or collections (bank/e-wallet histories)
Copies of ads/marketing materials
Witness affidavits (if group case)
Any prior complaints filed (NPC, BSP, PNP-ACG/NBI) and reference numbers
Table of Annexes with descriptive filenames

8) Model Complaint-Affidavit (template)

Republic of the Philippines [City/Municipality]

COMPLAINT-AFFIDAVIT

I, [Name], of legal age, Filipino, with address at [Address], after having been duly sworn in accordance with law, depose and state that:

Parties. Respondent is [Corporate Name, if known], doing business as [App/Platform Name], with online presence at [URLs/App Stores/Social Pages], engaged in [lending/financing/investment solicitation].

Facts. On [dates], Respondent [describe: offered unregistered investments / extended a loan and then engaged in abusive collection / imposed undisclosed fees / solicited loans without CA]. Annex A shows [evidence]; Annex B shows [evidence]; etc.

Violations. Respondent’s acts violate: (a) the Securities Regulation Code (RA 8799) [unregistered securities/fraud]; (b) the Revised Corporation Code (RA 11232) [registration/compliance]; (c) the Lending Company Regulation Act (RA 9474)/Financing Company Act (RA 8556) and SEC Memorandum Circular on Unfair Debt Collection; and (d) other applicable rules.

Reliefs Sought. I respectfully request that the SEC: (i) investigate; (ii) issue a Cease and Desist Order stopping Respondent’s unlawful activities; (iii) impose appropriate administrative fines and penalties including suspension/revocation of Certificate of Authority/registration; and (iv) refer the matter for criminal prosecution as warranted, and issue a public advisory to protect the investing/borrowing public.

Reservation. I reserve the right to submit additional evidence and pursue civil/criminal actions independently.

Affiant further says nothing.

[Signature over Printed Name] [Contact number / Email]

SUBSCRIBED AND SWORN to before me this [date] in [city], affiant exhibiting [ID type/number/expiry].

Notary Public Doc. No. ___; Page No. ___; Book No. ___; Series of ___.

9) Drafting tips that strengthen your case

Lead with the law, then the facts. Start each violation section with the rule, then show exactly how the facts meet each element.
Use dates and amounts. “On 12 March 2025, the app messaged 57 of my contacts; on 13 March 2025, it demanded ₱5,000 ‘processing fee’ not in the contract.”
Number your annexes and reference them in the body (“Annex C: Loan ledger showing 0.8%/day interest”).
Keep hearsay out. Submit direct evidence or sworn statements from the person with first-hand knowledge.
Protect sensitive data. Mask unrelated personal information; keep unredacted originals ready for the SEC if requested.
Group complaints help. Parallel affidavits from multiple victims show a pattern.

10) Frequently asked questions

Q: Can I file even if I signed the loan or clicked “I agree” in the app? A: Yes. Consent does not legalize unfair debt collection, misrepresentation, illegal fees, or operating without a CA.

Q: Will the SEC get my money back? A: The SEC’s powers are mainly regulatory and punitive. For recovery, consider civil/small-claims while the SEC case proceeds. Settlements sometimes occur after SEC action begins.

Q: What if the company is not in the SEC database or uses a different name? A: Provide all identifiers (app name, payment accounts, URLs, officers). The SEC can investigate corporate links and front entities. You may also file with NPC (privacy) and PNP-ACG/NBI (criminal).

Q: The app harassed my contacts. Is that an SEC or NPC issue? A: Both may apply. The conduct (harassment/unfair collection) is an SEC matter for lending/financing companies; the data misuse is an NPC matter under the Data Privacy Act.

Q: Do I need a lawyer? A: Not required for filing with the SEC. A lawyer is helpful for court actions and to frame complex violations.

11) Practical filing bundle (structure you can mirror)

/SEC-Complaint-[YourSurname]-[YYYYMMDD]
  /01-Affidavit-Complaint (PDF, notarized)
  /02-Cover-Letter (1–2 pages)
  /03-Annexes
     A - Screenshots-Solicitation (dated)
     B - Loan-Agreement-and-Fee-Table
     C - Repayment-Ledger
     D - Harassment-Chats-and-Call-Logs
     E - Payment-Receipts-and-Bank-EWallet-Statements
     F - App-Store-Listing-and-Website-Captures
     G - Other-Victims-Affidavits
  /04-Index-of-Evidence (table; filename, description, date sourced)

12) Parallel/Follow-on actions you can take

NPC complaint (for doxxing/contact scraping).
PNP-ACG/NBI complaint (threats, cyber libel, extortion, access device fraud).
Demand letter (pre-litigation) and small claims for refund of unlawful charges or amounts below the small-claims cap.
Bank/e-wallet merchant report to flag receiving accounts used for collections by unlicensed entities.

13) Final reminders

Anchor every allegation to a specific rule and a specific piece of evidence.
Organize materials so an investigator can follow your story in under five minutes.
Filing with the SEC does not prevent you from pursuing civil or criminal remedies elsewhere.
Save copies of everything and log all interactions (date/time, who you spoke with, what was requested or submitted).

If you want, I can tailor the template and annex index to your facts (names, dates, amounts, screenshots list) and output a ready-to-print pack.