Pembroke Private Wealth Complaint Handling Procedure

In this document, “we”, “us” and “Pembroke” refer to Pembroke Private Wealth Management Ltd.

Pembroke has procedures in place to handle, in a fair and prompt manner, any written or verbal complaints received by (i) a person having an interest in a product or service Pembroke provided (a “Client”), (ii) a former Client, (iii) any person acting on behalf of a Client and has written authorization to so act, or (iv) a prospective client (together with a Client, a “Complainant”). This is a summary of those procedures, which we provide to Complainants who have filed a complaint.

A complaint is the expression of a reproach or dissatisfaction in respect of a product or service offered by Pembroke, communicated by a client, where action or a response is expected.

Any informal step to correct a particular problem is not a complaint, insofar as the problem is settled as part of Pembroke regular activities and without the filing of a complaint by the Complainant.

CIRO Complaints Brochure

We provide new Clients on account opening, existing Clients and Complainants wishing to file a complaint, a separate information form called the CIRO Complaints Brochure which provides general information about their options for making a complaint and the escalation options.

How to File a Complaint with Pembroke

Clients wishing to file a complaint to Pembroke may make their complaint by contacting:

• Chief Compliance Officer
• Pembroke Private Wealth Management Ltd.
• 150 King Street West, Suite 1210
• Toronto, Ontario, M5H 1J9
• Email: compliance@pml.ca
• Phone: 416-366-2550 or toll-free at 800-668 7383

All complaints are forwarded to qualified compliance or supervisory personnel to be handled. We encourage clients to make their complaint in writing or by e-mail where possible. However, complaints may also be made verbally to any of the aforementioned individuals. Where clients have difficulty putting their complaint in writing, they should advise us so that we can provide assistance. For confidentiality reasons, Pembroke will only deal with the Complainant.

We will provide reasonable assistance to Complainants throughout the complaint process (including assistance in submitting a complaint where required) and will provide timely updates on the status of the complaint.

Complaint Handling Procedures

Upon receipt of a complaint, Pembroke will engage in an adequate and reasonable assessment of it. If it is determined, in the reasonable professional judgment of Pembroke’s supervisory staff handling the complaint, that it alleges a matter similar in nature or seriousness to (i) a breach of client confidentiality, (ii) unsuitable investments or leveraging (except for non-clients), (iii) theft, fraud, misappropriation, forgery, misrepresentation, unauthorized trading, (iv) engaging in securities related business outside Pembroke, (v) engaging in an undeclared occupation outside Pembroke, or (vi) personal financial dealings with a client, money laundering, market manipulation or insider trading, the requirements set forth under the heading “Additional Complaint Handling Requirements” will apply to such complaint.

If it is determined that additional complaint handling requirements do not apply, we will acknowledge receipt of complaints promptly, generally within 5 business days of its receipt. We will review all complaints fairly, taking into account all relevant documents and statements obtained from Complainant, our records, or other staff members and any other relevant source. Every complaint will be factually investigated and matters specific to the complaint analyzed diligently.

Where applicable, we will also consider whether the issue raised may affect other clients and whether it indicates a recurring or systemic issue requiring corrective action.

Once our investigation is complete, we will provide the Complainant with our response, which will be in writing if the complaint was made in writing, including, for the avoidance of doubt, complaints which were subject to informal resolution. Our response may be an offer to resolve the Complainant’s complaint, a denial of the complaint with reasons, or another appropriate response. Responses will be provided to the Complainant within 90 days from the date of receipt of the complaint. If the Complainant fails to co-operate during the complaint resolution process, or if the matter requires an extensive amount of fact-finding or complex legal analysis, the time frame for providing a response may be extended, in which case Pembroke will advise the Complainant as such and provide an explanation for the delay and an estimate of time required for the completion of such response.

For complaints subject to Québec’s complaint-handling regime, Pembroke will provide a final response no later than the 60th day following receipt of the complaint, unless extended to no later than 90 days in exceptional circumstances or circumstances beyond Pembroke’s control (in which case we will inform the Complainant of the reasons for the extension).

Additional Complaint Handling Requirements

a) Initial response

An initial response letter shall be sent to the Complainant within a reasonable time (generally within 5 business days from receipt of the complaint). Such initial response letter must include:

• a written acknowledgment of the complaint, and for Complainants residing in Québec, the acknowledgment will also advise that, upon request, Pembroke will transfer the complaint record to the AMF for examination within 15 days of receiving the request;
• a request to the Complainant for any additional reasonable information required to resolve the complaint;
• the name, job title and full contact information of the individual at Pembroke who’s handling the complaint;
• a statement indicating that the Complainant should contact the individual at Pembroke handling the complaint if he/she would like to inquire about the status of the complaint;
• a summary of Pembroke’s internal complaint handling process, including general timelines for providing a substantive response to complaints and a statement advising Complainants that each province and territory has a time limit for taking legal action; and
• a reference to an attached copy of the CIRO Complaints Brochure, and a reference to the fact that the CIRO Complaints Brochure contains information about applicable limitation periods.

b) Substantive response

The substantive response letter to be provided by Pembroke to the Complainant must include:

• an outline of the complaint;
• a copy of the CIRO Complaints Brochure;
• Pembroke’s substantive decision on the complaint, including reasons for the decision; and
• a reminder to the Complainant that he/she has the right to consider:
  • presenting the complaint to the Ombudsman for Banking Services and Investments which will consider complaints brought to it within six months of the substantive response letter;
  • making a complaint to the Canadian Investment Regulatory Organization (CIRO), if applicable;
  • litigation/civil action; or
  • any other applicable options, such as an internal Ombuds service provided by an affiliate of Pembroke.

We will respond to communications received from the Complainant after the date of our substantive response to the extent necessary to implement a resolution of the complaint or to address any new issues or information you provide.

For Quebec residents

In addition to the above, Complainants residing in Quebec, may at their request, ask Pembroke to transfer their complaint file to the Autorité des marchés financiers (“AMF”), if they are dissatisfied with the outcome of the examination of their complaint or the examination itself. Pembroke will transfer the complaint file to the AMF within 15 days of receiving the Complainants request. The AMF may also offer mediation for an amicable settlement if it deems it appropriate and all parties agree. The filing of a complaint with the AMF does not interrupt the prescription relating to recourses against Pembroke before civil courts.

Settlements

Any settlement agreement, payment of compensation or restitution shall be authorized by Pembroke. Any such settlement, payment or restitution may be accompanied by a release and waiver of the Complainant for legal reasons.