The Dealer Member’s policies and procedures must specifically address dealing effectively with institutional client complaints received.
The Dealer Member’s policies and procedures must specifically address the following:
the Dealer Member must acknowledge all written and verbal institutional client complaints,
the Dealer Member must convey the results of its investigation, if any, of a complaint to the institutional client in due course,
- the Dealer Member must ensure that the Approved Person and their Supervisor is aware of all institutional client complaints filed against the Approved Person,
- the Dealer Member must ensure that all allegations of serious misconduct are reported to an appropriate Executive, and
- complaints are to be handled by a Supervisor and a copy must be filed with the compliance department/function (or the equivalent) of the Dealer Member.
- If the Dealer Member determines that the number or severity of complaints is significant, or when a Dealer Member detects frequent and repetitive complaints made with respect to the same or similar matters which may on a cumulative basis indicate a serious problem, then the Dealer Member must:
- review its internal policies and procedures, and
- ensure recommendations to remedy the problem are submitted to the appropriate management level.
3716. – 3719. Reserved.