Ed. 04/24 IFB Members Professional Liability for Financial Advisors

Complaint Investigation & Dispute Resolution Policy

Purpose

• Investigate all reported customer & consumer complaints
• Acknowledge receipt of all formal complaints in writing
• Attempt to resolve all complaints with an amicable settlement
• Complete all required filings with provincial regulators with respect to reporting complaints
• Transfer any complaint files to applicable provincial regulator, if required

Definition of a Complaint

For the purpose of this policy, a complaint exists when the dissatisfaction of a consumer or a customer persists even after the problem has been addressed in the normal course of business, and the dissatisfaction is expressed by the following circumstances:

• A reproach against Magnes, or an employee of Magnes, due to an alleged wrong-doing;
• The identification of a real or potential harm that a consumer has experienced or may experience;
• A request for remedial action.

An informal step aimed at correcting a particular problem is not considered a complaint, insofar as the problem is dealt with as part of the brokerage's regular activities and without the consumer or customer having filed a formal written complaint.

Process

Every formal written complaint that alleges wrong-doing on the part of a broker is carefully investigated. When a formal investigation into a complaint is necessary, the process is as follows:

1. Provide an initial written acknowledgement receipt of the consumer's written complaint.
2. Identify what constitutes the complaint, specifying the real or potential harm, the reproach against the broker/brokerage and the request for remedial action.
3. Identify who is responsible at Magnes for overseeing the complaint investigation and authorizing a dispute resolution.
4. Request for any required or additional information from customer or consumer.
5. Provide a copy of the Magnes Complaint Investigation & Dispute Resolution Policy.
6. Remind the consumer of their right to request the transfer of their file to the applicable provincial regulator for review and potential mediation for settlement.
7. Remind the consumer of their right to recourse through civil courts, if necessary.
8. Create an investigation file for the consumer's complaint which includes an examination of all relevant documents & correspondence.
9. Provide the consumer with a final written response to complaint with an explanation and outcome of investigation process.
10. Report any written complaints to applicable provincial regulator, as per required reporting guidelines within each province. Transfer investigation file to provincial regulator, if required.

Expected Response Time

All written complaints shall be acknowledged, investigated and responded to within a reasonable time period.

• Initial written acknowledgements to the consumer shall be issued within 30 days, or as per required reporting guidelines within the applicable province.
• In the case of an incomplete written complaint, a notice will be issued to the consumer requesting additional information to be received within 30 days, failing which, the complaint may be considered to have been dropped by the consumer.
• Final written responses to the consumer shall be issued within 60 days, or as per required reporting guidelines within the applicable province.

Creation of a Complaint File

A separate file shall be created for each consumer complaint.

The file shall contain the following:

• The consumer's written complaint, including the three elements of the complaint (the reproach against the brokerage due to an alleged wrong-doing, the real or potential harm, the request for remedial action).
• A copy of the written acknowledgement of receipt.
• A copy of the final written response to complaint with explanation and outcome of investigation process.
• Any supporting documents relevant to the investigation process.
• All related consumer or customer correspondence.

Responsibilities

• Overseeing the Complaint Investigation and Authorizing a Dispute Resolution:
  (Andy Sloan, President)
• Managing the Complaint Investigation Process:
  (David Nixon, Manager of Finance & HR)
• Administering the online Complaint Report System & annual provincial filing requirements:
  (Lisa Da Costa, Senior Accountant)

Primary Contact