Handling Client Complaints
Argosy’s clients have entrusted to the firm and its registrants their personal savings and retirement savings. The firm takes its responsibility very seriously in ensuring that the recommendations made to its clients are appropriate and suitable. In addition, the firm has an open communication policy where clients can address any issues concerning their accounts. Argosy has a policy in place to address any concerns or complaints that may arise during the course of conducting business.
Argosy has designated the CCO as the Designated Complaints Officer to whom all registrants and/or Branch Managers will notify of any complaints whether it be verbal or written. The DCO will manage the complaints handling process and act as a liaison with IIROC.
Client complaints may range from service issues, such as not being contacted frequently, to issues of discretionary trading and malfeasance. Whenever an advisor receives a complaint from a client, whether verbal or written, the advisor must notify their Branch Manager and the DCO. In the case of a verbal complaint, the Branch Manager or a delegate will contact the client and record the details of the complaint. The firm may also ask the client to put the complaint in writing, to ensure that all the allegations are correctly recorded. In rare instances where the client is unable to make a written complaint, the manager or delegate will send a letter to the client confirming the details of their conversation. The client is asked to notify the firm if the information recorded by the Branch Manager is inaccurate and does not correctly represents the concerns raised.
If within two weeks, there is no response from client who had indicated that he/she will provide a written complaint, the Branch Manager will follow-up with the client. This letter will also advise the client that the firm will respond to the complaint as recorded by the Branch Manager. The DCO then conducts the investigation and advises the client of the result of the investigation.
The complaint will be reported on Comset, once the client has confirmed that the allegations recorded by the Branch Manager are the allegations he/she originally made. Verbal and written client complaints are reviewed and recorded in the client complaint log and the details of the allegation recorded on Comset.
Upon receipt of a written complaint, a letter acknowledging receipt of the complaint will be mailed to the client within five business days. This letter must include the following:
- The name, job title and full contact information of the person responsible for handling the complaint;
- A statement indicating that the client should contact the individual at the firm handling the complaint if he/she would like to inquire about the status of the complaint;
- An explanation of the firm’s internal complaint handling process, including but not limited to the role of the designated complaints officer (see below);
- A reference to an attached copy of an IIROC approved complaint handling process brochure and a reference to the statutes of limitations contained in the documents;
- The ninety (90) calendar days timeline to provide a substantive response to complaints;
- And a request for any information reasonably required to investigate the complaint.
The DCO will review the concerns or allegations raised by the client and interview the advisor against whom the concerns or allegations have been raised. The DCO may also request a written response from the IA. Other relevant documents to review are the KYC and other account documentation, account statements, notes of compliance and Branch Manager’s enquiries, Advisor’s response, Advisor’s notes, and correspondence between the firm and the client.
On completion of the investigation the DCO will respond to the client, advise management of the findings and update Comset with the results of the investigation. If the findings are violations of firm policies and procedures, IIROC or provincial rules and regulations, the firm’s management will be notified immediately. Any internal disciplinary action undertaken will be recorded on Comset.
Please forward all inquiries to:
Chief Compliance Officer
1725 16th Avenue
Richmond Hill, ON