The “Regulation respecting complaint processing and dispute resolution in the financial sector” establishes a comprehensive framework for managing consumer complaints across various financial entities, including credit assessment agents, insurers, financial cooperatives, deposit institutions, and securities firms. This regulation is grounded in various legislative acts that empower the Autorité des marchés financiers (AMF) to create regulations governing the practices and compliance of these financial entities.

The primary objective of the regulation is to ensure fair and efficient processing of consumer complaints, mandating that financial institutions adopt specific policies to address complaints effectively. It applies to a broad range of financial service providers, ensuring a uniform standard for complaint handling across the sector, which includes traditional financial institutions as well as intermediaries and cooperatives. A key aspect of the regulation is its definition of a “complaint,” which encompasses any dissatisfaction expressed by a customer regarding the services or products offered by financial institutions. However, certain communications, such as requests for information, clerical corrections, or insurance claims, are excluded from this definition. This delineation is crucial for focusing on genuine complaints that require resolution rather than routine inquiries or administrative requests.

Financial intermediaries are required to develop and implement a robust complaint processing and dispute resolution policy that details how complaints are received, assigned, and processed. This policy must ensure that the process is objective and user-friendly while being free of charge for complainants, thus encouraging customers to voice their concerns without the fear of incurring costs. The regulation specifies that financial intermediaries must designate a complaints officer responsible for overseeing the resolution process, ensuring that this officer possesses the necessary authority and competence to handle complaints effectively and transparently. Additionally, the policy must include provisions for keeping complainants informed about the status of their complaints, fostering better communication and trust between consumers and financial institutions.

To ensure the effective implementation and adherence to these policies, the regulation requires financial intermediaries to establish comprehensive measures, including training staff responsible for processing complaints to ensure they are adequately equipped to handle such matters. Staff must also have access to relevant information to effectively address complaints, and mechanisms for regular reporting on complaints must be established to analyze common issues and outcomes, identifying systemic problems and areas for improvement.

The AMF is authorized to impose monetary penalties for non-compliance with the regulation, which can vary based on the severity of infractions. This aspect underscores the seriousness with which complaint handling is regarded within the financial sector, promoting accountability among financial institutions.

Quebec (MO 2024-01) February 20, 2024