Complaint Handling

Objective

To fully consider and appropriately address customer Complaints as required by the Trust and Loan Companies Act (the “Act”) and regulations.

Background

It is important to distinguish between a Complaint and an inquiry.  If a “discontented” customer (an individual or entity that applied for or received a financial service from SSTCC) calls to discuss a particular transaction or service issue, it may appear as though he or she is complaining but the customer may only be inquiring about a particular aspect of the transaction or service being provided.  You will need to apply your knowledge of the customer to determine the true nature of the call.

You will need to be conscious of Complaints due to the potential of:

  • claims for compensation of loss
  • breaches of regulations
  • reputational risk

Responsiblity

State Street Trust Company Canada Chief Complaints Officer.

Definitions

Complaint: A Complaint is a verbal or written communication from a customer about a concern that is significant in nature, that has the potential of causing material impact to the relationship including the potential of a material monetary claim or reputational risk to SSTCC, and for which the customer has requested an official response.

Reportable Complaint: A Reportable Complaint is a Complaint involving a legislative provision, voluntary code of conduct or a public commitment that has been received by or forwarded to the Vice President of the business unit (“GS Canada”), SSTCC’s President and Chief Executive Officer (“CEO”), or the Complaints Officer.

Complaints Officer: The Complaints Officer is SSTCC’s Chief Compliance Officer.

Procedures

Business Unit Responsibilities:

If you receive a verbal customer Complaint, you must:

1.     Document the details of the conversation, including:

  • customer’s name
  • transaction details
  • time and date
  • a description of the issue/problem
  • the next steps after consultation with the head of your department (“Business Unit Manager”) and as agreed with the customer

2.     If the issue cannot be resolved during the phone call, inform the customer that you will be involving the Business Unit Manager, as appropriate of his or her Complaint.

If after involving a Business Unit Manager the Complaint is still not resolved, the SSTCC employee who is communicating with the customer must notify the customer that they will escalate the Complaint to the Complaints Officer, and that the Complaint will be investigated further and a written response provided.  Retain a copy of the Complaint details for your own records and provide copies to the following people:

  • Complaints Officer
  • Business Unit Manager responsible for the customer relationship
  • President and CEO of SSTCC

Written Complaints should be forwarded immediately to the appropriate Business Unit Manager, the President and CEO of SSTCC, and to the Complaints Officer.

Compliance Responsibilities:

The Complaints Officer will ensure a response is provided to a complainant within 15 business days of the Complaints Officer’s receipt of the Complaint, and may consult with others, including the Business Unit Manager, SSTCC’s President and CEO and the Legal department.  Pursuant to “An Act Respecting Trust Companies and Savings Companies (“Quebec”)”, SSTCC must inform complainant’s resident in Quebec that he or she may request that the Complaint file be forwarded to the Autorite de Marches du Financiers (“AMF”) if he or she is dissatisfied with the Complaint examination procedure or its outcome.

The response will provide the customer with an outline of the original Complaint, the analysis of the Complaint by SSTCC, and SSTCC’s proposed resolution (if any) of the Complaint.  If a response letter is issued, a copy of the response letter will be forwarded by the Complaints Officer to the following people:

  • Business Unit Manager responsible for the customer relationship
  • President and Chief Executive Officer of SSTCC

If a substantive response cannot be provided to the complainant within 15 business days of receipt of a Complaint, a letter must be issued that estimates when a substantive response will be provided.

The SSTCC Compliance Department is also required to file Quarterly reporting of Complaints to the Financial Consumer Agency of Canada (“FCAC”).  This includes filing of “Nil” reports where there are no reported Complaints.

As a participating firm in the Ombudsman for Banking Services and Investments (“OBSI”) which is an External Compliant Body (“ECB”), SSTCC’s response to a complainant will include a statement that the complainant has the right to escalate the Complaint to the OBSI online, by facsimile or by mail if they remain unsatisfied with SSTCC’s response; however, the complainant may only do so 90 calendar days after the complainant started the internal Complaints process at SSTCC.  Further, the complainant must be advised that if they are unsatisfied with SSTCC’s response and they wish to contact the OBSI, they must do so within 180 calendar days after receiving SSTCC’s response to their Complaint.  The following OBSI contact information is to be provided to the complainant:

Mailing address:
Ombudsman for Banking Services and Investments
401 Bay Street
Suite 1505, P.O. Box 5
Toronto, ON  M5H 2Y4
Facsimile Number: 1-888-422-2865
Telephone Number: 1-888-451-4519
Email: ombudsman@obsi.ca
Website: http://www.obsi.ca

As appropriate, the Complaints Officer will ensure the complainant is provided with contact information for the FCAC. The contact information for the FCAC to be provided to the complainant is as follows:

Customers may contact the FCAC in person or in writing at the following address:
Financial Consumer Agency of Canada
6th Floor, Enterprise Building
427 Laurier Ave. West
Ottawa, Ontario
K1R 1B9
Website: www.fcac-acfc.gc.ca
Telephone:
For services in English - 1-866-461-FCAC (3222)
For services in French - 1-866-461-ACFC (2232)

All Reportable Complaints must be reported by the SSTCC Complaints Officer to the FCAC.

A Reportable Complaint must be forwarded to FCAC even though:

  • the customer has also contacted FCAC
  • the customer is satisfied with the outcome of the Reportable Complaint
  • the Reportable Complaint was received at the reportable level or higher but then sent to a lower level of the Complaint Handling Process for response/resolution
  • the Reportable Complaint was received at a reportable level of the Complaint Handling Process and was resolved directly
  • SSTCC concluded that it had complied with its obligations to the customer

Each Reportable Complaint must be reported to the FCAC by the Complaints Officer via a Complaint Summary Report within 60 days of the receipt of the Complaint at a reportable level.  The FCAC has identified content requirements for Complaint Summary Reports relating to consumer provisions and relating to codes of conduct and public commitments; these content requirements are detailed in Exhibit I.

In the event OBSI notifies SSTCC that is has received a Complaint in respect of it, SSTCC must provide all information in its possession in relation to the Complaint to OBSI within 10 business days from the receipt of the OBSI notification.

The Complaints Officer must follow through on any OBSI notifications reported to him or her to ensure they have been appropriately closed out.

If SSTCC chooses to become a member of another ECB it must provide the FCAC and OBSI with written notice of their intention to become a member of another ECB at least 90 days prior to SSTCC becoming a member of the other ECB.

The Complaints Officer must follow through on any ECB change notifications to ensure they have been appropriately reported.

Disclosure of Annual Complaint Information:

On an annual basis SSTCC will make the following information available to the public on State Street Canada’s website:

(a) the number of Complaints dealt with by the Complaints Officer;
(b) the average length of time taken by the Complaints Officer to deal with the Complaints; and
(c) the number of Complaints dealt with by the Complaints Officer that were resolved to the satisfaction of the person who made the complaints

Disclosure of Complaint Handling Process:

An overview of SSTCC’s Complaint Handling Process for customers who want to file a Complaint is provided in Exhibit II.  The information contained in Exhibit II will be made available to customers:

(a) in the form of a brochure at SSTCC’s offices where products or services are offered in Canada
(b) on State Street Canada’s website
(c) in written format to be sent to any person who requests it

Questions concerning application/interpretation of this procedure should be referred to:
Tracy Sweet
Vice President
SSTCC Complaints Officer
647-775-5848

Records:
Documentation of Complaints and responses must be maintained by the SSTCC Compliance department and the applicable Business Unit Manager.

Review Cycle
The Procedures will be maintained by the Compliance department and reviewed every twenty-four months and as required under the Act will be approved by the SSTCC Board of Directors.

Written By: 
State Street Canada Compliance

Approved By:
State Street Trust Company Board of Directors

Responsible Party:
Tracy Sweet

Date:
December 8, 2016

Exhibit 1

Complaint Summary Report - Consumer Provision

1.    Parties involved in the Complaint

  • Financial institution: name and address of Head Office, as well as branch address (where appropriate)
  • Complaint or Compliance Liaison person: name, address, telephone number and e-mail address
  • Complainant: name, address, telephone number and e-mail address

2.    Reportable Complaint

  • Consumer provision involved in the Complaint
  • Summary of the Complaint, including the date the Complaint was received
  • Description of the current status of the Complaint (resolved or under review)

3.    Compliance conclusion

  • Description of how the financial institution met the requirement under review, if it determines that it has complied with its consumer obligations. FCAC may request supporting documents.
  • Measures the financial institution is proposing, to rectify the situation, if a compliance issue is identified.

Exhibit II

State Street Trust Company Canada’s Complaint Handling Procedure

State Street Trust Company Canada has an unwavering customer focus, and it is important that we listen to your concerns.

There are 3 steps available to customers to resolve Complaints:

1.) Contact a customer service representative or your customer relationship manager at State Street Trust Company Canada so we can address your Complaint in a timely manner.  If your Complaint is not resolved to your satisfaction, we encourage you to request the customer service representative or customer relationship manager involve their department head.

2.) After following Step 1: If your Complaint remains unresolved, you may contact our Chief Complaints Officer by mail, email or telephone.  The following is the Chief Complaints Officer’s contact information:

Mail:
State Street Trust Company Canada
Attention: Chief Complaints Officer
State Street Financial Centre
30 Adelaide Street East - Suite 1100
Toronto, Ontario
M5C 3G6

Email: canada-information@statestreet.com
Telephone:
(416) 362-1100

3.) After following Step 2: If you are not satisfied with State Street Trust Company Canada’s response to your Complaint, you may contact the Ombudsman for Banking Services and Investments (“OBSI”) 90 calendar days after you started the internal Complaint Handling procedures.  You have up to 180 calendar days after receiving the Chief Complaints Officer’s written response to contact the OBSI.  State Street Trust Company Canada is a member of OBSI which is an approved External Complaint Body.  The following is the contact information for the OBSI:

Mail:
Ombudsman for Banking Services and Investments
401 Bay Street, Suite 1505 
P.O. Box 5 
Toronto, ON M5H 2Y4

Email: ombudsman@obsi.ca
Facsimile Number:
1-888-422-2865
Telephone Number:
1-888-451-4519
Website:
http://www.obsi.ca

Financial Consumer Agency of Canada

The Financial Consumer Agency of Canada (“FCAC”) supervises federally regulated financial institutions to ensure they comply with federal consumer protection laws such as providing consumers with information about complaint handling procedures.  You may contact the FCAC at any time if you have a Complaint about a potential violation of a consumer protection law in person or in writing at the following address:

Mail:
Financial Consumer Agency of Canada
6th Floor, Enterprise Building
427 Laurier Ave. West
Ottawa, Ontario
K1R 1B9

Telephone:
For services in English - 1-866-461-FCAC (3222)
For services in French - 1-866-461-ACFC (2232)

Website:
www.fcac-acfc.gc.ca