As of July 1, 2025, securities registrants in Québec are subject to the Regulation respecting Complaint Processing and Dispute Resolution in the Financial Sector (the Regulation), previously adopted by the Autorité des marchés financiers (AMF). The Regulation requires a number of changes to a registrant's complaint handling policies and procedures.
Some of the more significant changes that must be implemented by July 1 for registrants with any clients in Québec include:
- A requirement to promptly issue a written acknowledgment of a complaint, which must contain a hyperlink to the summary of the firm's complaints policy (or a full copy of the policy);
- A deadline to provide a final written decision with respect to the complaint within 60 days, or a maximum of 90 days but only in exceptional circumstances;
- Having to assist complainants throughout the complaint process;
- Giving complainants sufficient time to assess an offer and then settling the offer within 30 days of acceptance;
- Adopting policies to identify and address recurring issues;
- Ensuring complaint records are transferred to the AMF within 15 days of the receipt of a request from a complainant to have their complaint examined by the AMF;
- Posting a summary of the firm's complaint policy on the firm's website (including a French language version) in a location that is easily identifiable by a client;
- A prohibition on using misleading titles such as "ombudsman" to designate individuals handling complaints; and
- A requirement to maintain a complaint register that contains a complete record of each complaint.
In addition, registrants will want to consider whether to adopt the simplified process that is available in Québec for handling certain complaints where a registrant is not required to send a written acknowledgment within 10 days (as would otherwise be required in Québec), provided that one is sent if the complaint is not resolved within 20 days.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
