Complaint Processing and Dispute Resolution Policy
Lorne Steinberg Wealth Management (LSWM) Complaint Processing and Dispute Resolution Policy
Filing a Complaint Regarding our Services
At LSWM, we make sure complaints are assigned quickly and processed in a timely manner.
What is a Complaint?
For the purposes of this policy, a complaint occurs when a client expresses dissatisfaction with a product or service provided by LWSM, and expects a formal response by the firm. An initial expression of dissatisfaction from a client—whether made in writing or another form—will not be treated as a complaint if the issue is resolved through LSWM’s normal business processes. However, if the client remains dissatisfied and the matter is escalated to the person responsible for handling complaints, it will then be considered a complaint.
How to File a Complaint
You can file a complaint with us by whichever means is convenient for you. You may also complete the form from the Autorité des marchés financiers (AMF). We can help you file your complaint
If you have a complaint about our services or a product, contact Geoffrey Smith, acting as Complaint Officer, at:
Lorne Steinberg Wealth Management Inc.
1000 rue de la Gauchetière ouest, Suite 3310,
Montreal, QC H3B 4W5
Tel: (514) 876-9888
Email: geoffrey.smith@steinbergwealth.com
You may want to consider using a method other than email for sensitive information.
Tell us:
- What went wrong
- When it happened
- What you expect (for example, money back, an apology, account correction)
Complaint Process Overview
Some complaints may be handled using a simplified process where a quick resolution is proposed. The simplified process is described below. If the complaint is complex or not suitable for the simplified route, the following formal complaint process is followed:
We will acknowledge receipt of your complaint
We will send you an acknowledgement receipt in writing within 10 days of receipt of your complaint.
Help us resolve your complaint sooner
Make your complaint as soon as possible. Reply promptly if we ask you for more information. Keep copies of all relevant documents, such as letters, emails and notes of conversations with us.
Complaint Analysis
We carefully review and analyse your complaint to ensure we fully understand the issue and your expectations. If necessary, we may contact you to request additional information to support our analysis.
We provide a final, written response
A final response will be provided to you in writing within sixty (60) days of receipt of the complaint. In our response, we will explain our analysis and what led to our response. If applicable, a solution to your complaint will be proposed.
You are encouraged to contact us should you have any questions or comments regarding our response.
Extension of the Response Period
In certain cases, complaints may be more complex or require more time to process than initially anticipated. If additional time is required, we may extend the period by a maximum of thirty (30) days. You will be informed in writing of the extension and the reasons justifying it.
Assessment of the offer and resolution of the complaint
Upon receiving our response or a proposed resolution, you are encouraged to take the necessary time to review the information provided. If an offer is presented as part of the resolution process, we will allow you a reasonable period to evaluate and respond to it. This time frame is intended to ensure you have sufficient opportunity to seek independent advice and make an informed decision.
You may choose to:
- Accept the offer,
- Refuse the offer, or
- Present a counteroffer for our consideration.
Once a mutual agreement has been reached to resolve your complaint, we will implement the agreed-upon solution within thirty (30) days, unless an alternative time frame is agreed upon in writing and is in your best interest.
If you are not satisfied with our decision
If you are a Québec resident
For each complaint received, we establish a complaint record containing all relevant information and documentation necessary for its processing and resolution.
If you are not satisfied with the response provided or with the way your complaint was handled, you may request that your complaint record be reviewed by the Autorité des marchés financiers (AMF). Upon receipt of your request, we are obligated to forward your complete complaint record to the AMF within fifteen (15) days.
A word about legal advice
You always have the right to go to a lawyer or seek other ways of resolving your dispute at any time. A lawyer can advise you of your options. There are time limits for taking legal action. Delays could limit your options and legal rights later on.
If you are a Canadian resident living outside of Quebec you may be eligible for Ombudsman for Banking Services and Investments (OBSI)’s dispute resolution service.
Taking Your Complaint to OBSI
You may be eligible for OBSI’s free and independent dispute resolution service if:
- We do not provide our decision within 90 days after you have made a complaint, or
- You are not satisfied with our decision
OBSI can recommend compensation of up to $350,000.
OBSI’s service is available to clients of LSWM. This does not restrict your ability to take a complaint to a dispute resolution service of your choosing at your own expense, or to bring an action in court. Keep in mind there are time limits for taking legal action.
Who can use OBSI?
You have the right to use OBSI’s service if:
- Your complaint relates to a trading or advising activity of our firm or by one of our representatives;
- You brought the complaint to us within six (6) years from the time that you first knew, or ought to have known, about the event that caused the complaint; and
- You file your complaint with OBSI according to its time limits below
Filing a complaint with OBSI
Contact OBSI
Email: ombudsman@obsi.ca
Telephone: 1-888-451-4519 or 416-287-2877 in Toronto
OBSI will investigate
OBSI works confidentially and in an informal manner. It is not like going to court, and you do not need a lawyer.
During its investigation, OBSI may interview you and representatives of our firm. We are required to cooperate in OBSI’s investigations.
Information OBSI needs to help you:
OBSI can help you best if you promptly provide all relevant information including:
- your name and contact information
- our firm’s name and contact information
- the names and contact information of any of our representatives who have been involved in your complaint
- details of your complaint
- all relevant documents, including any correspondence and notes of discussions with us
OBSI will provide its recommendation
Once OBSI has completed its investigation, it will provide its recommendations to you and us. OBSI’s recommendations are not binding on you or us.
OBSI can recommend compensation of up to $350,000. If your claim is higher, you will have to agree to that limit on any compensation you seek through OBSI. If you recover more than $350,000, you may want to consider another option, such as legal action, to resolve your complaint.
