When an investor raises a complaint with their dealer, timing matters. Delays compound harm. Evidence can fade, financial pressure may build, and the imbalance between the firm and the individual can grow. Regulators in other jurisdictions have recognized that delays are harmful and adopted shorter complaint-handling timelines, treating prompt resolution as an expectation rather than a courtesy.
Canada has lagged. Although Québec implemented a 60-day complaint-handling timeline last year, investors in the rest of the country can wait 90 days or longer for a resolution. CIRO has consulted extensively on this issue, and the evidence is clear: longer timelines can increase stress, discourage investors from pursuing complaints, and erode confidence in financial institutions. The result is a complaint process that often works against the people it is meant to protect.
FAIR Canada’s position is clear. We need a single, national 60-day standard. Firms should have no more than 60 days to investigate and respond to a complaint, with limited, clearly defined grounds for an extension in exceptional circumstances. This standard is achievable, as Québec’s experience shows, and is still longer than in other comparable jurisdictions that require responses within 30 to 45 days. We will continue to press regulators across the country to harmonize complaint-handling rules around this benchmark. The 60-day standard is within reach and is overdue.