Complaint Handling

Our goal is to satisfy our clients. For those times that there may be a concern or complaint, we follow the procedures described below.

How to Submit a Complaint

We prefer to receive complaints in writing to help ensure that we can fully understand and address the concerns. If we receive a verbal complaint that warrants being treated in the same manner as a written complaint, we will ask the client to confirm the information in writing unless there are reasons that they cannot do so. For reasons of confidentiality we will deal only with the client or with another individual who has the client’s express written authorization to submit and deal with the complaint on the client’s behalf.

A written complaint and supporting documentation may be:

  • Mailed to:
    Belay Wealth Inc.
    Compliance Department – Complaints
    #111, 8855 Macleod Trail S.
    Calgary, AB T2H 0M2
  • Sent by facsimile to:
    Attn: Compliance Department – Complaints
    Fax: (587) 390-2439
  • Sent by e-mail to complaints@belaywealth.com (please note that you shouldn't send confidential information by email since email communication is not secure)

You may also submit a complaint by using the form on the Contact page of Belay's website.

If you submit a complaint, we ask that you provide: the name of your advisor; details of the issue or complaint and copies of all supporting documentation; and your contact information.

Our goal is to acknowledge complaints within five business days. The acknowledgement will include the name and contact information of the Compliance Officer responsible for handling the complaint as well as a copy of the Mutual Fund Dealers Association (MFDA) Client Complaint Information Form.

Assessing the Complaint

Our objective in reviewing a complaint is to make an objective assessment of the facts with a view to being fair to everyone involved.

The Compliance Officer will conduct a factual investigation and analysis of the matters specific to the complaint. To accomplish this, we will gather information including a written response from your advisor addressing the issues raised in the complaint, copies of account documentation completed (KYC and trade forms) and any other documentation which may be available, such as notes and e-mails. The Compliance Office may also ask to speak with you or ask for further written information from you. The Compliance Officer will review all documentation as well as the comments of both the client and the advisor to assess the merit of the complaint. Additional analysis may be necessary, depending on the nature of the complaint.

Conclusions

Our goal is to complete the investigation and to send you a written summary with our conclusions within 90 calendar days of receiving the complaint. We will notify you in writing if we need additional time for the investigation, and provide an explanation of the additional time requirement along with our best estimate about when we will be able to complete the investigation.

With our conclusions, we will either offer to resolve your complaint or deny it. If we offer you a financial settlement, we will ask you to sign a standard release and waiver for legal reasons. We will also give you information about your options if you are not satisfied with our response.

MFDA Complaint Information

The MFDA requires clients to receive the information below at account opening. You will also receive a copy of it if you submit a complaint.

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:
    • If 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:
    Manitoba: www.msc.gov.mb.ca
    New Brunswick: www.nbsc-cvmnb.ca
    Saskatchewan: www.fcaa.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:
      1. Contact the AMF by telephone at (418) 525-0337 (in Québec), or toll free at 1-877-525-0337
      2. Visit www.lautorite.qc.ca