Complaint Procedure

 

Client Complaint Information

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Summary Of Oakhaven Wealth Advisors Inc. Complaint Handling Procedures:

Oakhaven Wealth Advisors Inc. has procedures in place to handle any written or verbal complaints received from clients in a fair and prompt manner. This is a summary of those procedures, which we provide to new clients, clients who have filed a complaint and that we also make available on our website at www.oakhavenwealth.com

 

How to File a Complaint with Oakhaven Wealth Advisors Inc.

Clients writing to complain to Oakhaven Wealth Advisors Inc. may make their complaint to our Head Office by contacting the Chief Compliance Officer. You may also contact your Approved Person. All complaints are forwarded to the Chief Compliance Officer to be handled. We encourage clients to make their complaint in writing or by e-mail where possible. Clients are cautioned that the use of e-mail may give rise to possible confidentiality issues regarding internet communications. Where clients have difficulty putting their complaint in writing, they should advise us so that we can provide assistance. For confidentiality reasons, we will only deal with the client or another individual who has the client’s express written authorization to deal with us.

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As an investor, you can make a complaint to CIRO at any time, whether or not you have complained to your firm, and CIRO will review your complaint to determine whether your advisor and/or firm has broken any rules.

Complaint Handling Procedures:

We will acknowledge receipt of complaints promptly, generally within five days. We review all complaints fairly, taking into account all relevant documents and statements obtained from the client, our records, our Approved Persons’ files, and any other relevant sources. Once our review is complete we provide clients with our response, which will be in writing if the complaint was made in writing. Our response may be an offer to resolve your complaint, a denial of the complaint with reasons or another appropriate response. Where the complaint relates to certain serious allegations, our initial acknowledgement will include copies of this summary and the CCIF. Our response will summarize your complaint, and our findings with regard to your complaint. We will generally provide our response within ninety days, unless we are waiting foradditional information from you, or the case is novel or may be complicated. We will respond to communications you send us after the date of our response to the extent necessary to implement a resolution or to address any new issues or information you provide.

Settlements:

If we offer you a financial settlement, we may ask you to sign a release and waiver for legal reasons.

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Contacting Oakhaven Wealth Advisors Inc.

Clients may contact us at any time to provide further information or to inquire as to the status of their complaint, by contacting the Chief Compliance Officer of Oakhaven Wealth Advisors Inc.

 

Please direct all complaints to:

Oakhaven Wealth Advisors Inc.
4 Cedar Pointe Drive
Unit B1
Barrie ON L4N 5R7

ATTN: Chief Compliance Officer

The Chief Compliance Officer or its designate will confirm in writing the receipt of such complaint and will provide information about the complaint handling process.

The Client Complaint Information Form

We also provide new clients and clients who complain, with a document called the Client Complaint Information Form (‘CCIF’) that provides general information about their options for making a complaint.

 

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. Canadian Investment Regulatory Organization ("CIRO") 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.

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You Can Also Complain Directly to CIRO

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• Contact CIRO which is the self-regulatory organization in Canada to which your mutual fund dealer belongs. CIRO investigates complaints about mutual fund dealers and their representatives and takes enforcement action where appropriate. 

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If you feel there has been misconduct in the handling of your account CIRO would like to hear from you.  You can complain to CIRO directly and CIRO can investigate to determine if your advisor or firm has broken any rules and, if necessary, take disciplinary action. Disciplinary action can include fines or suspensions for firms and or advisors that have broken CIRO rules.  You can make a complaint to CIRO, at any time, whether or not you have complained to your firm. However, CIRO does not order compensation to investors.  If you are seeking compensation, the first step is to make a complaint to your investment firm.  You can also consider the options described on the CIRO website.   

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CIRO can be contacted:

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1. By completing  the easy and convenient online complaint form at www.ciro.ca 

2. By email at info@ciro.ca

3. By telephone at 1-877-442-4322

4. Fax at 1-888-497-6172

5. 40 Temperance Street, Suite 2600 Toronto, ON M5H 0B4

 

Seeking Financial Compensation? 

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If you’ve suffered a financial loss because your investment advisor or firm acted improperly, you will likely ask, “How can I get my money back?”

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First of all, it’s important you act promptly. There are time limits attached to all of the options available to you.

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The first step in seeking compensation is to make a written complaint directly to your investment advisor and their firm. The firm must provide you with a substantive response to your claim within 90 days.

 

Still not satisfied?

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Please go directly to OBSI or consider the other options outlined below.

 

You can contact OBSI at:

1-888-451-4519
ombudsman@obsi.ca
www.obsi.ca

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20 Queen Street West, Suite 2400
P.O. Box 8
Toronto, ON M5H 3R3

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The Ombudsman for Banking Services and Investments (OBSI)

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OBSI is Canada’s free, independent service for resolving investment and banking disputes with participating firms.

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CIRO requires all the investment firms it regulates to take part in the OBSI process.

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You have 180 days to bring your complaint to OBSI after receiving a response from your investment firm. If your firm has not responded within 90 days, then you can take your complaint to OBSI without your firm’s response.

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Some firms may suggest you use their own internal complaint appeal process first, but it is your choice whether or not to participate in that process. It is voluntary.

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It is important to know that if you choose to use a firm’s internal complaint appeal process, you will have less than 180 days to complain to OBSI as the 180 time limit begins to apply after the firm’s written response to you. You do not need to appeal the firm’s decision to their internal complaint appeal process before going to OBSI.

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Your time limit for taking the complaint to court (the “limitation period”) will also continue during the internal complaint appeal process. When you complain to OBSI, the limitation period for suing the firm in court is typically suspended while OBSI reviews your complaint.

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OBSI can recommend compensation up to $350,000 but its decisions are not legally binding. Many firms will compensate the complainant but some choose not to. In this case, OBSI will “name and shame” the firm by publishing their investigation report naming the firm and describing what happened. You will never be identified.

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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

 

 

Going to Court

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There is no limit to the amount of compensation you can claim. It is a good idea to get advice from a lawyer before pursuing legal action, as this can be an expensive option.

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There is also a limitation period (i.e. statute of limitations) on legal action. This means there are legal time limits and you could run out of time to pursue some of your claims in court.

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If you choose legal action, your provincial law society can help you find a lawyer. For a list of provincial law societies, go to www.flsc.ca.

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Arbitration

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Arbitration is a process where a qualified arbitrator – chosen in consultation with both you and the investment firm – hears both sides and makes a final, legally binding decision about your complaint. This option is available if your CIRO firm is an investment dealer.

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The arbitrator acts as the judge in the proceedings and reviews facts presented by each side of the dispute. Either side can choose to be represented by a lawyer, though this is not required. Arbitrators can award up to $500,000.

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There are costs to using arbitration, often less than the cost of going to court. The arbitration fees themselves are usually divided between the two parties. When you file your claim, you can decide whether to give the arbitrator the added power to award legal costs on top of any other award, in which case the unsuccessful party would pay the other party’s legal costs.

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• See further questions about arbitration

• See Arbitration Program Statistics

 

CIRO has designated two independent arbitration organizations:

 

ADR Chambers
1-800-856-5154

Canadian Investment Regulatory Organization – Arbitrations

 

In Québec: Canadian Commercial Arbitration Centre
1-800-207-0685
Canadian Commercial Arbitration Centre

 

Compensation Options

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CHANNEL         TIME LIMIT           AWARD LIMIT                      COST          DECISION 

                          TO COMPLAIN                                                                      BINDING

OBSI                        Yes                  Up to $350,000                      No                No

Court                        Yes                  None                                      Yes             Yes

Arbitration                 Yes                  Up to $500,000                      Yes             Yes

Québec / AMF          Yes                  None for conciliation             No                No

                                                         and mediation services.

                                                         Up to $200,000 for

                                                         losses related to fraud

                                                         covered by the Fonds

                                                         d’indemnisation des

                                                         services financiers.1

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*It is important to understand the time limits of each option

 

In Quebec

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If you live in Québec you can use the free services of the Autorité des marchés financiers (AMF). The AMF can assist you throughout your complaint process. If you are dissatisfied with the firm’s processing of the complaint or the outcome, you can request the firm to have the complaint record examined by the AMF.

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The AMF will assess the complaint and may offer conciliation and mediation services, though firms are not required to participate.

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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”). Up to $200,000 can be payable through monies accumulated in the fund for an eligible claim.

 

For more information on the AMF:

 

1-877-525-0337
renseignements-consommateur@lautorite.qc.ca
www.lautorite.qc.ca/en/

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Other Options if You Live in Manitoba, New Brunswick or Saskatchewan

Securities regulators in these provinces can, in certain cases, seek an order that a person or company that has broken provincial securities law pay compensation to a claimant. These orders are enforced similar to court judgments.

 

For more information, contact:

Manitoba Securities Commission

New Brunswick Financial and Consumer Services Commission

Financial and Consumer Affairs Authority of Saskatchewan

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Other Legal Assistance

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Investor Protection Clinics

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The Investor Protection Clinics at Osgoode Hall Law School provides free legal advice to investors across Canada who cannot afford a lawyer and who believe their investments were mishandled.

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For more information, visit the Investor Protection Clinics at:

• Osgoode Hall Law School

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The Osgoode Hall Law School Investor Protection Clinic released a video series for more information on the following topics:

• An Introduction to Regulating Securities

• Your Advisor's Responsibilities & Identifying Investment Mismanagement

• Reporting a Wrongdoing and Seeking a Remedy

• Navigating the OBSI Complaint Process

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1. For Quebec/ AMF, the limit applies only to compensation for losses related to financial fraud covered by the Fonds d’indemnisation des services financiers (Financial services compensation fund). There is otherwise no monetary limit on complaints investors may file with the AMF.

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Third-Party Websites:

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Oakhaven Wealth Advisors does not make any representation that the information in any linked site is accurate and will not accept any responsibility or liability for any inaccuracies in the information not maintained by them, such as linked sites. Any opinion or advice expressed in a linked site should not be construed as the opinion or advice of Oakhaven Wealth Advisors Inc.