The AMF wants to improve the handling of complaints from the financial industry

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The proposed new rules aim to harmonize and improve the standards for handling complaints in the various sectors regulated by the AMF, including securities brokers and advisers, independent financial planners and representatives, insurers and cooperatives.

Among other things, the proposals would establish requirements for documenting and handling customer complaints. They would require companies to publish and disclose their complaint-handling policies, as well as to resolve complaints within 60 days (from when the company receives the complaint).

The proposals would also prevent companies from imposing gag orders on customers as a condition of paying compensation to harmed customers. In addition, the proposals would prohibit companies from using the word “ombudsman” in their internal complaint handling processes.

“Through this initiative, which is part of our 2021-2025 strategic plan, we want to optimize and standardize the handling of complaints, for the benefit of all financial consumers,” said Louis Morisset, Chairman and Chief Executive Officer of the AMF.

According to the consultation document, the proposals are based on national and international principles of fair treatment of clients, as well as the contribution of the advisory committees of the AMF and the financial industry.

“These proposed regulations have been developed taking into account the ideas of a range of internal and external stakeholders as well as international best practices,” Morisset said.

The consultation runs until November 8 and the AMF will host a webinar on the proposals on September 16.

Last month, the federal government passed new complaint handling regulations for banks which will come into force in June 2022. In addition, the government is currently conducting a review of the current framework for external dispute resolution in the banking sector. .

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