The RCCAQ has summarily reviewed the AMF's Draft regulation respecting complaint processing and dispute settlement in the financial sector. With a view to improving the regulation, the RCCAQ will be submitting various recommendations during the consultation period currently underway. 

The draft regulation is part of the AMF's 2021-2025 strategic plan. The stated goal is to optimize and standardize the process for handling complaints with a view to benefiting all consumers of financial products and services in Quebec. The proposal includes a clarification of how the word "complaint" is defined. Guidance is also provided on complying with the financial sector's shared rules, requirements and practices and on meeting the applicable deadlines for handling consumers' complaints.

Over the next few weeks, the RCCAQ will be undertaking a more detailed analysis of the draft regulation and its potential impacts. Our analysis will focus on the following:

• Including a simplified process for handling certain complaints.
• Providing details on minimum requirements for documents and information kept on file.
• Clarifying the process for sending out acknowledgments of receipt and the final response once complaints have been reviewed.
• Shortening the complaint processing period from 90 to 60 days.
• Clarifying the duties of the person in charge of processing complaints.
• Having brokerage firms assist consumers wishing to submit a complaint.
• Administrative and financial penalties and sanctions.

The consultation period will conclude on November 8. The RCCAQ plans to submit a position paper setting out its recommendations.