Story 109
A Canadian investment firm’s staff withdrew funds from my account without my authorization, in an attempt to make up for a previous error that they had made. After I filed a formal complaint with the firm, I was quickly asked to sign a Release Agreement by the Senior Complaints and Investigations Officer. I refused to sign the Release Agreement. The firm also offered me a small amount of money in compensation (less than $500), which I accepted. The Officer who handled my complaint concluded that the illegal withdrawal was due to “administrative human errors” and “The service team leaders have been notified to ensure this type of error does not happen again. The individuals involved did not intend to steal from your account.” What I really wanted was an explanation of how this had happened, and a description of what new internal standard operating procedures had been put in place to ensure the unauthorized withdrawal would not occur again. The Investigations Officer said they had concluded their investigation, and had nothing more to offer me. I then filed a complaint with a national organization that resolves disputes between consumers and financial services firms. After taking the time to fill out the complaint form and provide the background documentation, their Investigator informed me that “The police deal with criminal charges for illegal activities. Our role is to recommend compensation if the firm has made an error that caused you financial loss.” Throughout this whole process I didn’t want more money – I wanted the firm to demonstrate how they had revised their processes in order to regain my trust. I cancelled my complaint with the national organization, and have moved my investments to another firm. I am going to send a letter to the senior management of the investment firm letting them know that they have lost a client due to their staff’s actions. I have lost faith in both the internal and national complaint processes. I shouldn’t have to resort to legal action to get this type of error addressed.
