Client complaint handling procedures

General summary

Macquarie Private Wealth recognizes the importance of responding to client complaints in an efficient, timely and professional manner. To ensure that client complaints are dealt with properly, we have provided information about our procedures that will assist you in the event that you need to file a complaint with us.

The Macquarie Private Wealth Compliance Department employs a thorough process to prepare responses to all complaints we receive. As part of this process, we gather the client’s file documentation and obtain comments from his or her Investment Advisor. This documentation is carefully reviewed and considered for relevant facts and, when appropriate, may be provided as part of our response. Where necessary, we may request additional information from the client to reasonably respond to and resolve the complaint.

Should you wish to file a formal complaint, you may do so by forwarding your concerns to the Branch Manager located at the office of your Investment Advisor. If you have concerns with a complaint that is already in progress, please contact our Designated Complaints Officer (DCO) at the address noted below:

Mary DiVittorio
Manager, Retail Compliance
181 Bay Street, Suite 3200
Toronto, ON M5J 2T3

Telephone: 416 501 2429
Email: mary.divittorio@macquarie.com

 
Procedures

The Branch Managers, their designates, and/or employees of Macquarie Private Wealth are required to forward all complaints related to misconduct (Client Complaints) to the attention of the DCO. This includes all recorded expressions of dissatisfaction, including any written submission, electronic communication, or verbal recording.

Verbal expressions of dissatisfaction alleging misconduct in which a preliminary investigation indicates that the allegation may have merit are to be treated in the same manner as a recorded expression of dissatisfaction.

When the nature of a verbal complaint is unclear, or there is no evidence to indicate that the complaint has merit, the DCO or Branch Manager shall request that the client document the complaint and submit it in writing. The investigation will commence on the day the Client Complaint is received. Should a client fail to document and submit the complaint in writing, the DCO or Alternate may exercise his or her professional judgement and terminate the investigation of the complaint and consider the matter closed.

The DCO is responsible for complaints primarily relating to misconduct. This includes complaints in which there is an implication or allegation of misconduct in the handling of client accounts. Alleged misconduct includes, but is not limited to:

• Allegations of breach of confidentiality
• Theft
• Fraud
• Misappropriation or misuse of funds or securities
• Forgery
• Unsuitable investments
• Misrepresentation
• Unauthorized trading relating to the client’s account(s)
• Other inappropriate financial dealings with clients
• Engaging in securities-related activities outside of the Dealer Member.

Complaints not relating to misconduct (Service Complaints) are customarily returned for response to the Branch offices or the area or department responsible for the service issue.

Service Complaints include any complaint by a client that is founded on customer service issues and is not the subject of:

• Any legislation or law concerning securities or exchange contracts of any jurisdiction, inside or outside of Canada; or
• By-laws, rules, regulations, rulings, or policies of any securities or financial services regulatory or self-regulatory organization in any jurisdiction, inside or outside of Canada.

In investigating a Client Complaint, the DCO or Alternate may also contact the client to obtain further particulars or to clarify issues in the dispute.

Within five business days, the Compliance Department will send an acknowledgement letter to the client consisting of the following information:

• A copy of the Investment Industry Regulatory Organization of Canada (IIROC) brochure entitled An Investor’s Guide to Making a Complaint;
• A statement indicating that the client’s concerns are being reviewed and that a response will be delivered within 90 calendar days;
• The contact information of the individual who is handling the complaint;
• An explanation of our internal complaint handling process;
• A statement indicating that the client may contact the above-noted individual for a status update;
• A reference to the statute of limitation contained in the brochure entitled An Investor’s Guide to Making a Complaint;
• A request for any information that is reasonably required to resolve the complaint.

It is acknowledged that the timeliness of the response to a Client Complaint depends upon the nature and complexity of the complaint as well as the facts and trading activity underlying it. The DCO or Alternate shall complete a response to the client within 90 calendar days of their receipt of the complaint.

If, due to the complexity of the complaint, the investigation continues for a period of approximately 45 days, the DCO or Alternate shall provide the client with a Patience Letter indicating that his or her concerns are under investigation and that a response will be forthcoming within the 90-day timeframe.

If the response to a client is not completed within the 90-day timeframe noted above, the client must be advised with an explanation for the delay.

Following receipt of a Client Complaint, the DCO or Alternate shall initiate a full and thorough investigation, engaging as necessary the relevant Investment Advisor, Compliance staff and/or internal Legal Counsel, as well as any other relevant Macquarie Private Wealth employees, as dictated by the facts and nature of the Client Complaint.

The response to the client complaint shall include:

• The facts in dispute and the consequent findings;
• Macquarie Private Wealth’s decision and the reasons for the decision;
• A statement informing the client of his or her options, such as consulting the Ombudsman for Banking Services and Investments (OBSI), arbitration and litigation/civil action;
• The brochure entitled An Investor’s Guide to Making a Complaint that outlines the avenues of dispute resolution that are available to clients.