AMF AMENDS COMPLAINT HANDLING PROPOSALS
On December, 8, 2022, the AMF published a Notice of Consultation and updated Regulation Respecting Complaint Processing and Dispute Resolution in the Financial Sector, with regard to the comments it received in response to its consultation last year. Amongst its amended proposals, and contrary to NI 31-103, Registration Requirements, Exemptions and Ongoing Registrant Obligations and SRO rules, the AMF continues to suggest a broad definition of ‘complaint’ which includes service-related matters, and a 60-day complaint processing period. The latter has been adjusted with a recognition that:
“… to process certain complaints fairly, a processing period of more than 60 days may be necessary (e.g., when the analysis of a complaint requires the receipt of documents or information from persons who are not parties to the complaint or when a one-time large-scale event results in an unusually high volume of complaints
In this case, the Authority proposes that financial institutions, financial intermediaries, and credit assessment agents be able, under circumstances that are exceptional or beyond their control, to take up to an additional 30 days to process a complaint”.
The amended proposals continue to raise concern.
Comments are due by February 6, 2023.