Canadian investors deserve a harmonized, fair, effective, and timely standard for complaint handling—regardless of where they live or which firm they use. Currently, standards vary by province and registration category, creating confusion and inconsistent protection.
To achieve harmonization, two critical steps are needed:
- First, the Canadian Investment Regulatory Organization (CIRO) should promptly introduce dealer rules consistent with the Autorité des marchés financiers’ (AMF) requirement for dealers to respond to complaints within 60 days (or 90 days in exceptional circumstances). Since most Canadian investors work with a CIRO member, CIRO should lead efforts to harmonize and improve complaint resolution timelines. Its mission is to promote healthy capital markets “by regulating fairly and effectively so investors feel protected and confident investing for their futures”. Investor confidence depends on fair, consistent and timely complaint handling.
- Second, the Canadian Securities Administrators (CSA) should prioritize a policy initiative to fully harmonize complaint handling obligations across all registrants and provinces, ensuring equal protection for all investors.
A harmonized national standard for complaint handling is essential to restoring fairness, and confidence for all Canadian investors. By aligning timelines and expectations across regulators, Canada can finally deliver the consistent protection investors deserve.