Regulatory Alerts2022-12-08
Draft Regulation Respecting Complaint Processing and Dispute Resolution in the Financial Sector
The Autorité des marchés financiers has published a draft regulation to harmonize and standardize complaint processing across Québec’s financial sector, including financial institutions, intermediaries, and credit assessment agents. The proposal establishes a cumulative definition of a complaint, introduces a flexible 10-day simplified processing pathway for straightforward cases, and maintains the standard 60-day timeframe while permitting a 30-day extension under exceptional circumstances. Financial entities must notify consumers in writing of any extensions and grant the right to Authority review, with the regulation scheduled to take effect on January 1, 2024 following a transitional implementation period.
Share