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Bulletin #0643-P

For further information, please contact:

Sheila Wong
Director, Case Assessment
Policy
For Distribution to Relevant Parties within your Firm

Housekeeping Amendments to Client Complaint Information Form

MFDA Policy No. 3 requires each MFDA Member to provide to new clients, and to clients who submit a written complaint to the Member, a copy of the approved “Client Complaint Information Form” (“CCIF”).

MFDA Staff has recently amended the CCIF approved by MFDA Staff and a blackline version is included as Appendix I to this Bulletin. The revised CCIF includes additional information relating to The Ombudsman for Banking Services and Investments (“OBSI”) in order to clarify the requirements and applicable timelines for accessing the ombudservice. It also provides updated information regarding the AMF dispute resolution process and how to access the Financial Services Compensation Fund for clients residing in the province of Québec.

Members may comply with this obligation to provide the approved CCIF in one of the following ways:

  • by printing the form and providing it as a stand-alone document to the client; or
  • by incorporating the wording of the form into other documentation provided by the Member to its clients.

Transition:

All Members must begin providing the amended CCIF, approved by MFDA Staff, to new clients and new complainants as of January 1, 2016.

To view a clean version of the approved CCIF, as revised, please go to MSN-0073 or https://mfda.ca/regulation/forms/ClientComplaint_En.pdf

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APPENDIX I
MUTUAL FUND DEALERS ASSOCIATION OF CANADA
Client Complaint Information Form

Clients of a mutual fund dealer who are not satisfied with a financial product or service have a right to make a complaint and to seek resolution of the problem. MFDA Member dealers have a responsibility to their clients to ensure that all complaints are dealt with fairly and promptly. If you have a complaint, these are some of the steps you can take:

  • Contact your mutual fund dealer. Member firms are responsible to you, the investor, for monitoring the actions of their representatives to ensure that they are in compliance with by-laws, rules and policies governing their activities. The firm will investigate any complaint that you initiate and respond back to you with the results of their investigation within the time period expected of a Member acting diligently in the circumstances, in most cases within three months of receipt of the complaint. It is helpful if your complaint is in writing.
  • Contact the Mutual Fund Dealers Association of Canada (“MFDA”), which is the self-regulatory organization in Canada to which your mutual fund dealer belongs. The MFDA investigates complaints about mutual fund dealers and their representatives, and takes enforcement action where appropriate. You may make a complaint to the MFDA at any time, whether or not you have complained to your mutual fund dealer. The MFDA can be contacted:
    • By completing the on-line complaint form at www.mfda.ca
    • By telephone in Toronto at (416) 361-6332, or toll free at 1-888-466-6332
    • By e-mail at complaints@mfda.ca1
    • In writing by mail to 121 King Street West, Suite 1000, Toronto, ON M5H 3T9 or by fax at (416) 361-9073

Compensation:

The MFDA does not order compensation or restitution to clients of Members. The MFDA exists to regulate the operations, standards of practice and business conduct of its Members and their representatives with a mandate to enhance investor protection and strengthen public confidence in the Canadian mutual fund industry. If you are seeking compensation, you may consider the following:

  • Ombudsman for Banking Services and Investments (“OBSI”): You may make a complaint to OBSI after you have complained to the dealer, at either of the following times:
    • After the dealer’s Compliance Department has responded to your complaint, you may contact OBSI. You may also contact OBSI ifIf the dealer’s Compliance Department has not responded to your complaint within 90 days of the date you complained, or;
    • After the dealer’s Compliance Department has responded to your complaint and you are not satisfied with the response. Please note that you have 180 calendar days to bring your complaint to OBSI after receiving the dealer’s response.
  • OBSI provides an independent and impartial process for the investigation and resolution of complaints about the provision of financial services to clients. OBSI can make a non-binding recommendation that your firm compensate you (up to $350,000) if it determines that you have been treated unfairly, taking into account the criteria of good financial services and business practice, relevant codes of practice or conduct, industry regulation and the law. The OBSI process is free of charge and is confidential. OBSI can be contacted:
    • By telephone in Toronto at (416) 287-2877, or toll free at 1-888-451-4519
    • By e-mail at ombudsman@obsi.ca
  • Legal Assistance: You may consider retaining a lawyer to assist with the complaint. You should be aware that there are legal time limits for taking civil action. A lawyer can advise you of your options and recourses. Once the applicable limitation period expires, you may lose rights to pursue some claims.
  • Manitoba, New Brunswick and Saskatchewan: Securities regulatory authorities in these provinces have the power to, in appropriate cases, order that a person or company that has contravened securities laws in their province pay compensation to a claimant. The claimant is then able to enforce such an order as if it were a judgment of the superior court in that province. For more information, please visit:
    1. Manitoba: www.msc.gov.mb.ca
    2. New Brunswick: www.nbsc-cvmnb.ca
    3. Saskatchewan: www.sfscfcaa.gov.sk.ca
  • Québec:
    • If you are not satisfied with the outcome or with the examination of a complaint, the Autorité des marchés financiers (“AMF”) can examine your complaint and may provide dispute resolution services.
    • If you think you are a victim of fraud, fraudulent tactics or embezzlement, you can contact the AMF to see if you meet the eligibility to submit a claim to the Fonds d’indemnisation des services financiers (“Financial Services Compensation Fund”). An indemnity up to $200,000 can be payable through monies accumulated in the fund for an eligible claim.
    • For more information:
    • Québec: The Autorité des marchés financiers (“AMF”) pays indemnities to victims of fraud, fraudulent tactics or embezzlement where those responsible are individuals or firms authorized to practice under the legislation governing the provision of financial services in Quebec. It also rules on the eligibility of claims and sets the amount of the indemnities to be paid to victims. Consumers can thus be compensated to a maximum of $200,000 per claim, through funds accumulated in a financial services compensation fund. For more information, please visit www.lautorite.qc.ca.

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