CIRO moves to cut investor complaint response time to 60 days
Dealers subject to the Autorité des marchés financiers (AMF) requirements in Quebec generally have 60 days to provide a final response, while dealers in other provinces generally have 90 days under CIRO rules.
Alexandra Williams, senior vice-president, strategy, innovation and stakeholder protection at CIRO, said in the regulator’s release that complaint handling is “fundamental to investor protection and confidence in Canada’s capital markets.”
Investors “deserve timely answers and a clear understanding of their options when concerns arise,” she said. The proposed framework “would provide faster responses for most complaints,” while preserving the flexibility to handle more complex matters.
What the 60-day complaint standard would cover
CIRO’s accompanying guidance lists complaints involving disputed suitability assessments, estate or tax matters, multiple accounts, unapproved outside activities, personal financial dealings or former employees as matters that may require more time.
Service or administrative matters, transaction errors, margin issues and account transfers would generally be expected to be addressed within 60 days.
