|Quebec’s financial services regulator (the Autorité des marchés financiers) recently published a proposed regulation aimed at improving how complaints by financial consumers in that province are handled.
The rules are designed to address numerous consumer concerns, such as access barriers, confusion, and timeliness, with respect to how complaints are managed by Quebec’s provincially regulated financial institutions.Among other things, the new rules would require these financial institutions to:
|—Set up a complaint process that is simple to follow and free to use.
—Assist customers who wish to file a complaint.
—Deliver a final response to the customer within 60 days.
—Stop using misleading terms like “ombudsman” to refer to staff members that work on the complaint.
If enacted, the proposed regulation would be a significant step forward and help investors who have a complaint against a financial institution in Quebec.
|FAIR Canada will be urging other provinces to adopt similar regulations. All investors in Canada deserve the same level of protections and rights when they have a complaint.
by FAIR Canada
Canadian Foundation for Advancement of Investor Rights