MONTREAL, Dec. 08, 2021 (GLOBE NEWSWIRE) -- The Conseil des fonds d’investissement du Québec (CFIQ) today filed its submission to the Autorité des marchés financiers (AMF) in response to its Regulation respecting complaint processing and dispute resolution in the financial sector.
“CFIQ appreciates the AMF’s efforts in fine-tuning the complaint handling process to ensure fair processing for Quebec investors,” said Eric Hallé, Chair of the CFIQ Board of Governors. “We believe that harmonization with existing rules, along with further clarity in definitions, will help to avoid confusion and ultimately benefit investors and the industry.”
In its submission, CFIQ recommended a number of measures, including: distinguishing between ‘regulatory’ and ‘service’ complaints to ensure that service complaints are resolved in the normal course of business rather than the lengthier process associated with regulatory complaints; harmonizing with existing national instrument and self-regulatory organization rules; maintaining the response period to the maximum of 90 days to allow for due diligence by firms; and a transition period of at least 24 months after rules go into effect to allow for the significant internal policy, training and process updates that would be required.
CFIQ is the Quebec voice of The Investment Funds Institute of Canada (IFIC). IFIC brings together 150 organizations, including fund managers and distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.
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