Law 107 This law, adopted in 2002, amended Law 188 by replacing the requirement of maintaining a register with the obligation for firms to establish a policy for reviewing customer complaints and resolving disputes regarding a product or service acquired by the customer.

 

Provisions of Law 188

103. Every firm must handle complaints made to it in a fair manner. To this end, the firm must establish a policy on:

1. Reviewing complaints and claims made by individuals with an interest in a product or service it has distributed.
2. Resolving disputes regarding a product or service it has distributed.

Complaint Handling and Dispute Resolution Policy

This policy is established in accordance with the new provisions introduced by the National Financial Sector Oversight Act (Law 107) concerning the handling of complaints and the resolution of disputes.

1. Purpose of the Policy

The purpose of this policy is to establish a fair and free procedure for handling all complaints received by Fort Financial Group Inc. It aims to oversee the receipt of complaints, the transmission of acknowledgments and notices to the complainant, the compilation of complaint files, the possible transmission of the complaint file to the Financial Markets Authority (hereinafter “the Authority”), and the compilation of complaints for the preparation and transmission of an annual report to the Authority.

2. Responsible Person

The person responsible for the application of this policy within our firm is: Ms. Manon Racette.

As the person responsible for the application of the policy, the identified person acts as the point of contact with the Authority and oversees staff training and the transmission of relevant information for the proper application of this policy.

In addition to the responsibilities mentioned above, the responsible person has the following duties:

a) Acknowledging receipt of complaints to the complainant;

b) Transmitting required notices;

c) Transmitting the file to the Authority, at the complainant’s request;

d) Maintaining a complaints register;

e) Transmitting a report to the Authority.

3. Complaint

A complaint constitutes the expression of one of the following three elements, which persists after being considered and handled at the operational level competent to make a decision:

a) A grievance against the company;

b) The reporting of potential or actual harm suffered or that may be suffered by a consumer; or

c) A request for corrective action.

Generally, a complaint is expressed in writing and reported by letter, email, fax, or any other form that allows for its preservation. If the consumer expresses their complaint by phone or in person and it is handled and processed by the person responsible for complaint handling as designated in the company’s policy, it must then be documented in a way that allows for its preservation.

Therefore, a first expression of dissatisfaction by a consumer, whether written or not, is not considered a complaint if this dissatisfaction is resolved in the normal course of business. However, if the consumer remains dissatisfied and their dissatisfaction must be handled by the person responsible for complaint handling as designated in the company’s policy, it is considered a complaint.

However, companies should not unduly delay referring a complaint to a higher level solely to avoid the obligation to record the complaint in the complaints report.

Companies that do not have a multi-level complaint handling structure should consider a complaint to be received if the consumer’s dissatisfaction persists after a reasonable attempt by the company to resolve the dispute.

Receipt of the Complaint

A consumer wishing to file a complaint must do so in writing to the following address:

• Identify the name of the firm
• Its address
• Its phone number
• Its fax number
• Its email address, if applicable

Any broker or employee of the firm who receives a complaint must refer it to the person responsible for the application of this policy upon receipt.

The responsible person acknowledges receipt of the complaint within 5 business days.

The acknowledgment of receipt must contain the following information:

a) A copy of this policy;

b) A description of the received complaint specifying the grievance against the firm, its broker, or its employee, and the requested corrective action;

c) The name and contact details of the person in authority responsible for handling the complaint;

d) In the case of an incomplete complaint, a notice indicating the need to provide the responsible person with additional information within 5 business days, failing which the complaint is deemed to have been abandoned;

e) Information to the complainant about their right to request, after a period of 15 business days following the receipt of all necessary information and no later than one year after the response to their complaint, the transfer of their file to the Authority if they are dissatisfied with the response or handling of their complaint. The notice must also mention that the Authority can offer mediation if the parties consent to it;

f) Information to the complainant that mediation is a process of amicable conflict resolution in which a third party (the mediator) intervenes with the parties to help them reach satisfactory agreements;

g) A reminder to the complainant that filing a complaint with the Authority does not interrupt the statute of limitations for legal proceedings against the firm in civil courts.

4. Establishement of the Complait File

Every received complaint must be the subject of a separate file.

The file must include the following elements:

a) The written complaint from the complainant or a summary of the complaint written by the person responsible for complaint handling as designated in this policy, including the three elements of the complaint (the grievance against the firm, broker, or employee, the actual or potential harm, and the requested corrective action);

b) The result of the complaint handling process (the analysis and supporting documents);

c) A copy of the firm’s final and reasoned response sent in writing to the complainant.

5. Handling a Complaint

Upon receipt of a complaint, the responsible person conducts an investigation.

The handling of the complaint must be completed within 15 business days after receiving all necessary information.

At the end of the investigation, the responsible person sends the complainant the firm’s final and reasoned written response.

6. Transmission of the File to the Authority

When the complainant is not satisfied with the firm’s review of their complaint or the outcome of this review, they may request the firm to transfer their complaint file to the Authority.

This right can only be exercised by the complainant after the 15 business days period for receiving a final response has expired or no later than one year after obtaining it.

The file transferred to the Authority consists of all the documents related to the complaint file.

7. Creation and Maintenance of a Register

The firm establishes a complaints register for the application of this policy. Its updating is the responsibility of the person in charge.

All complaints meeting the definition in this document must be recorded in this register.

Annual Report

Companies must report their complaints to regulatory authorities twice a year: no later than July 30 for data collected between January 1 and June 30, and no later than January 30 for data collected between July 1 and December 31.

Companies will be able to report their complaints to the Authority through an Internet navigation system that will be available starting in fall 2005. The system will be designed to be user-friendly and secure to ensure that companies can report their complaints confidently to regulatory authorities.

Data collection by companies must comply with new requirements. For each complaint, companies must complete the following information:

• The reference number of the complaint within the company;
• The sector of activity (type of industry);
• The categories of the complaint (reasons for the complaint);
• The date the file was opened;
• The date the file was closed;
• The postal code of the complainant;
• Disposition related to the complaint (result of the complaint handling);
• Whether the complaint resulted in legal proceedings;
• Whether the complaint has a broad impact or systemic application;
• Whether the complaint’s subject is addressed by the company’s policies and procedures;
• Whether the complaint was transferred to the Authority.

 

10. Notice to Brokers and Other Employees of the Firm

The designated responsible person ensures that brokers and other employees of the firm are aware of the complaint handling and dispute resolution policy statement and have a copy of it.