In Focus > Complaint processing and dispute settlement: RCCAQ submits a brief to the AMF
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In September 2021, Quebec's Autorité des marchés financiers launched a consultation period for its Draft Regulation Respecting Complaint Processing and Dispute Settlement in the Financial Sector. This move ties in with the AMF's 2021-2025 Strategic Plan. President/CEO Louis Morisset noted that the AMF seeks to optimize and standardize the complaint handling process for the benefit of all consumers of financial products and services in Quebec. The AMF also stated that the goal of the Draft Regulation is to harmonize and strengthen the fair handling of complaints in Quebec's financial sector.
The Draft Regulation includes a definition of the term “complaint” and sets out various rules, obligations and common practices for the financial sector regarding processes to be followed and deadlines to be met when handling consumer complaints. Various requirements are inspired by national and international principles governing the fair treatment of consumers. The Regulation will apply to financial institutions, financial intermediaries and credit assessment agents, including firms, independent representatives and independent partnerships registered under Quebec's Act respecting the distribution of financial products and services. This new Regulation provides a supplementary framework for existing complaint processing and dispute settlement obligations, in accordance with laws governing the respective activities and practices of these groups.
As regards obligations, these three groups (firms, independent representatives and independent partnerships) are required to adopt a policy on complaint processing and dispute settlement. They must publish a summary of it on their websites or issue it in some other way. In addition to keeping a record of all complaints, they must notify consumers of the date on which their complaint was recorded, within a period of 10 days thereafter. They must also inform consumers of their right to have their complaints reviewed by the AMF.
The Regulation includes common requirements for financial institutions, financial intermediaries and credit assessment agents regarding processing and dispute settlement. It also specifies that some provisions apply only to certain parties, depending on the various enabling laws involved.
With the above in mind, the RCCAQ drafted and submitted a brief (in French) entitled “Comments and Recommendations: Draft Regulation Respecting Complaint Processing and Dispute Settlement in the Financial Sector", available in the members-only section of the RCCAQ's website under Position Papers.
The RCCAQ commissioned the firm Vieira Conseil Action to coordinate the drafting of the brief. To that end, the RCCAQ sought the opinions of various members and board members. The members who provided comments work for various types of brokerage firms and hold various managerial and professional practice compliance positions.
Please note that Appendix A of the brief includes a summary of the RCCAQ's recommendations and proposed solutions.
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