Regulatory Alerts2022-12-08
Regulation Respecting Complaint Processing and Dispute Resolution in the Financial Sector
The Autorité des marchés financiers (AMF) has issued this regulation to standardize complaint handling across Quebec’s financial sector, requiring all licensed financial institutions, intermediaries, and credit assessment agents to adopt comprehensive dispute resolution policies. The rules mandate clear timelines for acknowledging, processing, and responding to complaints within sixty to ninety days, while enforcing strict record-keeping, transparent communication, and prohibitions against restrictive settlement conditions. Non-compliance triggers escalating monetary administrative penalties ranging from $1,000 to $5,000, ensuring entities maintain accurate complaint registers and properly forward records for regulatory examination upon request.