Securities laws in Canada require registered advisers such as BloombergSen Inc. (“BloombergSen”) to adopt an internal complaint examination and dispute resolution policy.
The purpose of this policy is to inform clients about the procedures in place to ensure a free and fair procedure for the examination of complaints. This policy also intends to provide oversight for the receipt of complaints, delivery of acknowledgments of receipt, creation of complaint files, transfer of complaint files to the Ombudsman for Banking Services and Investments (“OBSI”) and the Autorité des marchés financiers (“AMF”) and compilation of complaints for the purpose of preparing and filing annual reports with the AMF using its E-Services.
A complaint is any written statement from a current or former Client, (the “Complainant”), or person acting on behalf of a Complainant, alleging a grievance or dissatisfaction with any service offered by BloombergSen or a representative of BloombergSen (“Complaint”).
The following will not be seen as official Complaints but should still be escalated to the Chief Compliance Officer for consideration:
- Verbal Complaint: Where a Complainant makes a verbal complaint, a representative of BloombergSen will ask the Complainant to submit the verbal complaint in writing such that it be seen as a Complaint.
- Complaint about Performance: BloombergSen does not guarantee performance. Accordingly, a decrease in portfolio holdings, while important from a business relationship standpoint, does not trigger the following Complaint process. An official Complaint must be with a service provided by BloombergSen in terms of a failure to perform an expected task or the performance of an expected task.
BloombergSen will document the complaint in its Complaints Log and reasonably respond to each Complaint made to BloombergSen.
The Chief Compliance Officer shall be the first person contacted with respect to a Complaint.
All Complaints and any other concerns received in writing must be entered onto a Complaint Form and given to the Chief Compliance Officer. The Chief Compliance Officer will enter the Complaint onto the Complaint Log.
If a Complaint is made verbally, and is not clearly expressed, the Chief Compliance Officer may request that the Complainant put the Complaint in writing in order to try to resolve confusion about the nature of the issue.
The Complaint file is to include a copy of any written correspondence from the Complainant, any notes taken during a verbal Complaint, and all follow up notes and memos regarding the Complaint. The file is to be retained for a period of seven years.
Within five business days of receipt of the Complaint, the Chief Compliance Officer will prepare an acknowledgement letter advising the Complainant of investigation initiation and confirming that a formal response will be forwarded within thirty (30) days.
It is BloombergSen’s policy to fully resolve Complaints within ninety (90) days of receiving the Complaint.
If the Complainant is resident in Québec, BloombergSen has further obligations to the Complainant, in addition to those set out at above.
BloombergSen is required to inform Clients in Québec that they may request that a copy of the Complaint be sent to the AMF. The AMF will examine the Complaint and may act as mediator if it decides it is appropriate and if both BloombergSen and the Complainant agree.
Further, BloombergSen must ensure that there is currently an independent dispute resolution or mediations services are made available, at BloombergSen’s expense, to the Complainant.
Once a year, the Chief Compliance Officer will use the E-Services to file a report with the AMF detailing the number and type of complaints received. The Chief Compliance Officer must do so regardless of whether any complaints were received.
The annual reporting period is from March 1 to May 1 inclusively, for data collected between January 1 and December 31 of the previous year.
Filing a complaint
A client who wishes to file a complaint may do so in writing to the following address:
TD Tower North
77 King Street West
Suite 4220, P.O. Box 135
Toronto, Ontario M5K 1H1
Attention: Chief Compliance Officer