How IIROC-Regulated Firms Must Respond to Complaints:
Investors can complain directly to the firm's management or compliance department if they have a complaint with their firm or advisor. A prompt letter of complaint is often the fastest and easiest way to resolve disagreements and settle disputes.
When making a complaint to a firm, be clear about what went wrong and when. Let the firm know the outcome that you are expecting (for example, an apology or getting your account corrected).
- IIROC-regulated firms must comply with IIROC rules for handling complaints
- Your firm must explain to you how to make a complaint to them and provide you with the proper contact information.
- Your firm must give you the brochure: An Investor's Guide to Making a Complaint. This brochure, which must be issued at the time an account is opened, again when a written complaint is made and a third time when your firm provides you with a response, explains how to make a complaint to both IIROC-regulated firms and IIROC.
Even with service complaints, where rule infractions are not alleged, IIROC rules require firms to respond in writing to all written complaints.
Complaints involving possible rule infractions regarding your account:
- For this type of complaint, your firm must acknowledge and respond by writing to you within five business days.
- Your firm must also provide their final decision to you within 90 calendar days. The decision must include:
If your firm cannot provide a response within the 90-day period, it must inform you of the delay, the reason for the delay and the expected new response time.
- A summary of your complaint;
- The results of your firm's investigation;
- An explanation of the final decision; and
- information about other options for seeking compensation, in case you are not satisfied with your firm's decision.