At Parkwood, we appreciate the value of a customer and even more the value of a satisfied customer. It is our constant aim to conduct ourselves accordingly. When a complaint or concern arises, please communicate it to us, and we will do everything in our control to resolve the issue.
Steps to take when you have a complaint
Client Complaint Information – Mutual Funds Only
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. If you have a complaint, these are some of the steps you can take.
- Your complaint should first be explained to your financial advisor. The person who sold you the product or service will solve most problems quickly.
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 the legislation, rules and guidelines governing their activities.
Some problems are easily solved by a phone call. Some matters can be resolved through the Branch Manager. The dealer’s Compliance Department will investigate any complaint that you initiate in writing and respond back to you with the results of their investigation.
- 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. There is no cost to clients for referring a complaint to the MFDA. The MFDA can be contacted:
- By telephone in Toronto at (416) 361-6332, or toll free at 1-888-466-6332,
- By e-mail at complaints @ mfda.ca, or
- In writing, using the complaint form which is available on the MFDA website at www.mfda.ca
- Contact the Ombudsman for Banking Services and Investments (OBSI), an organization independent of the MFDA, government, and the financial services industry. OBSI provides an independent and impartial process for the investigation and resolution of complaints about the provision of financial services to clients. OBSI will investigate your complaint only if you have first exhausted your firm’s internal complaint-handling processes. 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; or
- by e-mail at ombudsman @ obsi.ca.
- Retaining a lawyer to assist with the complaint.
Provide to us in writing the nature of your complaint
If by letter or email, address it to:
|For mutual funds:||For all other:|
|Mr. John L. Housser, Representative
Investia Financial Services Inc.
P.O. Box 23040 Kitchener RPO
|Mr. John L. Housser, President
Parkwood Financial Services Inc.
P.O. Box 23040 Kitchener RPO
If your concern is not resolved your next steps (in order of escalation) are the following:
Mutual Fund Dealer
- Investia Financial Services Inc.
300-6700 Pierre-Bertrand Blvd.,
Quebec City, Quebec G2J0B4
- Mutual Fund Dealers Association of Canada
121 King St. W. #1600,
Toronto, Ontario M5H3T9
- Ombudsman for Banking Services and Investments
Life Insurance – Company Products
- Hollis Insurance Inc.
400 Applewood Crescent, 3rd Floor
Vaughan, Ontario L4K 0C3
- Independent Financial Brokers of Canada
740-30 Eglington Ave. W.
Mississauga, Ontario L5R 3E7
- Financial Services Commission of Ontario
5160 Yonge St.
North York, Ontario M2N 6L9