2009 Letter For The IIROC For further information, please contact:
Connie Craddock
Vice President, Public Affairs
416.943.5870 or ccraddock@iiroc.ca
IIROC Announces Implementation of New Complaint Handling
Standards
December 21, 2009 (Toronto, Ontario) – The Investment Industry Regulatory
Organization of Canada ( IIROC) today announced implementation of new complaint
handling standards for IIROC-regulated firms, following approval December 18, 2009 by the
Canadian Securities Administrators ( CSA). The new standards are effective on February 1,
2010.
The new complaint handling rule sets standards and timelines for IIROC- regulated firms to
acknowledge, investigate and respond to client complaints about their accounts.
“These complaint handling standards are an important step forward in our ongoing efforts to
adopt best practices that promote fair and timely resolution of client complaints”, said IIROC
President and CEO Susan Wolburgh Jenah. “Clear and consistent standards for the handling
of client complaints will enhance investor confidence in the fairness of the financial services
industry”.
The new rule sets tighter timeframes for responses to client complaints. Under the new
standards the firm has five business days to acknowledge receipt of the client’s complaint. The
firm must investigate the complaint and provide its response to the client within 90 calendar
days. When firms are unable to respond within 90 days, they are expected to explain the
reason for the delay to the client and to IIROC.
The new rule sets clearer standards on how firms should handle investor complaints. This
includes appointing a Designated Complaints Officer with the knowledge, experience and
authority to manage the complaint handling process and to act as a liaison with IIROC. Firms
must provide clients with clear and easily accessible information about their complaint
handling process.
The rule also aims to promote more effective communication with clients. Clients will be
informed about complaint handling procedures and other options available to pursue
complaint disputes at account opening, when they make a complaint, and when the firm
provides them with its final response. These communications will include the IIROC-approved
An Investor’s Guide to Making a Complaint brochure.
Additional information is provided in Client Complaint Handling Rule and Guidance Note: and
amendments to Dealer Member Rules 19, 37 and 2500.
IIROC is the national self-regulatory organization which oversees all investment dealers and
trading activity on debt and equity marketplaces in Canada. Created in 2008 through the
consolidation of the Investment Dealers Association of Canada and Market Regulation Services
Inc., IIROC sets high quality regulatory and investment industry standards, protects investors
and strengthens market integrity while maintaining efficient and competitive capital markets.
IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding
the proficiency, business and financial conduct of dealer firms and their registered employees
and through setting and enforcing market integrity rules regarding trading activity on
Canadian equity marketplaces.
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