RBC Dominion Securities Inc. (“RBC DS”)  –Client Complaint Examination and Resolution Policy Overview

The members of RBC believe that all of us—our clients and ourselves—stand to gain by being in contact, whether it’s to answer a question, solve a problem or share a success story. While we welcome any positive comments you have, it is equally important for us to know when you have a problem so we can resolve it and retain your confidence. We use your feedback to continuously improve the quality of the products and services we provide to you and other clients. In addition, it is important to us to implement policies that will treat all clients in an equitable and fair manner.

The following is an overview of the RBC DS complaint examination and resolution policy.

  • Written client complaints can be submitted by mail, fax or e-mail directly to your RBC DS Branch Director, the RBC Wealth Management Financial Services Inc. (“RBC WMFS”) VP & Regional Sales Manager (for insurance related complaints), or to the attention of the RBC DS Compliance Department at 155 Wellington Street West, P.O. Box 150, Toronto, Ontario, M5V 3K7. Verbal complaints will also be reviewed internally to determine any appropriate course of resolution.
  • All client complaints are recorded in a client complaint register.
  • Where applicable, an acknowledgement letter, including the RBC DS Client Complaint Examination and Resolution Policy Overview and the Canadian Investment Regulatory Organization (“CIRO”) brochure entitled “How to Make a Complaint” are sent to you within 5 business days.  This brochure is also provided to you at account opening and is available on the CIRO website at www.ciro.ca/office-investor/how-make-complaint.
  • We review all complaints fairly, analyzing the relevant documents we have obtained which may include the information you have provided about your complaint, your RBC DS record and documents, and statements obtained from our representatives, other staff members or any other source.
  • The primary contact for your complaint will be the RBC DS Branch Director or the RBC WMFS VP & Regional Sales Manager and/or the RBC DS Compliance Officer assigned. It will be their responsibility to investigate and formally respond in writing to the complainant. The RBC DS Chief Compliance Officer is the Designated Complaints Officer who has ultimate responsibility for managing the client complaint process. Should you have any concerns with the handling of your complaint during this process, these concerns should be directed to:
    • Designated Complaints Officer
    • c/o RBC DS Compliance,
    • 155 Wellington Street West,
    • P.O. Box 150, Toronto, Ontario M5V 3K7
  • If you reside outside of Quebec, we will respond to your complaint as soon as possible, however, our complaint examination process may take up to 90 calendar days depending on the complexity of the matter.  We will provide you with a status update if your complaint is going to take us longer than 90 calendar days to respond and provide you with the revised expected response timeframe. If you reside in Quebec, we will respond to your complaint as soon as possible and no later than 60 calendar days, except in exceptional circumstances or circumstances beyond our control, when we will provide a response no later than 90 calendar days following receipt of your complaint.
  • Contact us if you have any questions or comments regarding our response. If we present an offer as part of our response to your complaint, we will provide a reasonable timeline for you to assess and respond to the offer. If you reside in Quebec, once we reach an agreement with you to resolve your complaint, we will give effect to the agreement within 30 calendar days unless a different time period is agreed upon.
  • If you do not receive RBC DS’ final response to you within 90 calendar days if you reside outside of Quebec or 60 calendar days if you reside in Quebec, or you are not satisfied with our response to your concerns, you may choose to escalate your complaint to the Ombudsman for Banking Services and Investments (“OBSI”) for their review. Complaints related to insurance investment products are not reviewed by the OBSI; for further details, please consult the OBSI website here: www.obsi.ca.

The OBSI is a free, independent service for resolving investment disputes impartially and can recommend compensation of up to a limit of $350,000. You have up to 180 days after receiving RBC DS’s final response to submit your complaint to the OBSI.The OBSI may be contacted as follows:

Toll-free telephone: 1-888-451-4519
Email: ombudsman@obsi.ca
Website: http://www.obsi.ca
Fax: 1-888-422-2865
Mail: 20 Queen Street West, Suite 2400, P.O. Box 8, Toronto, ON M5H 3R3

  • You may make a complaint to the Canadian Investment Regulatory Organization (CIRO) at any time. The CIRO will investigate your complaint and take enforcement action where appropriate. The CIRO can be contacted as follows:
    • Complete the online complaint form at www.ciro.ca
    • By email at info@ciro.ca
    • By telephone at 1-877-442-4322
    • By fax at 1-888-497-6172
    • By mail: 40 Temperance Street, Suite 2600, Toronto, ON M5H 0B4
  • If you reside in Quebec, you may at any time request that your complaint file be transferred to the Autorité des marchés financiers (“AMF”). We are required to send the complaint record to the AMF no later than 15 calendar days following receipt of your request. Once your file is transferred, the AMF will review it, recommend dispute resolution services, and could offer you mediation services if it deems it appropriate, with the agreement of the parties involved.  Mediation is an amicable settlement process in which a mediator helps the parties reach a satisfactory agreement.  Transferring your file to the AMF does not interrupt the prescriptive period for civil remedies. The AMF may be contacted as follows:

Our Compliance department will act as the respondent to the AMF.

  • You may also pursue legal action and seek independent legal counsel to advise you of your options and recourse including information regarding the applicable limitation periods in your province/territory.
  • Upon receipt of RBC DS’ response, if you are not in agreement with our resolution, you also have the option to escalate your concerns to the RBC Client Complaints Appeal Office (CCAO) which is the most senior designated office appointed to address appealed complaints within RBC.  If you choose to do so, we will forward your complaint on your behalf to the CCAO.  The CCAO is an internal office employed by Royal Bank of Canada (RBC) and is not an independent dispute resolution service. The CCAO’s services are completely voluntary and free. The CCAO can only review your concern after you have received a response from RBC DS. The estimated time that the CCAO takes to review and provide a response to matters is within 90 days upon receipt of the complaint; however, complex investigations may take longer to resolve.
  • You may escalate your complaint to the OBSI, CIRO, or AMF, as applicable, without going to the CCAO. If you escalate the matter to the CCAO, the limitation periods for escalation to the OBSI or commencement of a civil action continue to run while the CCAO reviews your complaint. This may impact your ability to pursue a future civil claim. We advise you to consult your legal counsel accordingly.
  • Our Compliance department will report client complaints to the regulators as required.
  • Please note that if you hold a bank product with RBC DS, RBC DS may use your information to manage any dissatisfaction or complaint you may raise in connection with your account, including disclosing information about your investments and/or your account with RBC DS to an RBC Company or third-party financial institution.
  • Regulated by: