All customer complaints, whether written or verbal, must immediately be brought to the attention of the OSJ Manager and the LPL Financial Legal Department*. Advisors may not respond to any complaint without first consulting the Legal Department. Copies of all written complaints must be retained in the branch office complaint file.
With respect to verbal complaints, advisors must make notes of the conversation, forward a copy of the notes to the OSJ Manager and the LPL Financial Legal Department* and place such notes in the branch office complaint file. Notes of verbal complaints should include the complainant’s name, address and telephone number, as well as a brief summary of the complaint. In order to assist our advisors in complying with this requirement, we have created a Verbal Complaint Documentation Form along with the LPL Complaint Matter Checklist.
After forwarding a complaint to the OSJ Manager and the Legal Department*, the advisor who is the subject of the complaint will be asked to prepare a detailed response to the complaint and forward such response to the Legal Department for review. After reviewing the proposed response, the Legal Department may request that changes be made or additional information be added. Once the Legal Department has approved the proposed response, the advisor may deliver the response to the complainant. A copy of the final response must also be forwarded to the OSJ Manager and the LPL Financial Legal Department and be maintained along with the letter of complaint in the Branch Office’s Complaint file. There are no circumstances under which advisors are permitted to respond to complaints or settle errors without the express written approval of the Legal Department.
All claims or complaints (verbal or written) that may be covered under the firm’s fiduciary bond or Errors and Omissions insurance must be reported immediately to the LPL Financial Legal Department. Advisors may not report claims directly to the insurance carriers. Complaints settled by LPL Financial for $10,000 or more are required to be disclosed on Form U4 or Form U5. Failure to report complaints to LPL in a timely manner can result in a FINRA fine for late reporting.
*All complaints forwarded to our office will be sent to LPL Financial’s Legal Department on your behalf.
You are required to notify LPL Financial’s Compliance Department about all subpoena notices and/or requests. Advisors are not permitted to submit any documents requested in a subpoena, all documents will be provided by LPL Financial.
Please send copies of all subpoena notices via email to firstname.lastname@example.org and copy your OSJ Manager.