The Investment Industry Regulatory Organization of Canada (IIROC) has proposed amendments to their rules for dealer reporting, internal investigations and client complaints. The aim is to provide clarity, consistency and accessibility, the self-regulatory organization said in a release on Thursday.
With the proposed amendments, dealers would have clearer requirements to report and conduct internal investigations, including into privacy breaches and client complaints about “serious misconduct related to a client’s account,” the release said.
Dealers would also be prohibited from using the word “ombudsman” or similar qualifiers for their internal dispute resolution services.
To enhance communications with investors, written responses to complaints would prioritize accessibility and plain language, the release said. Languages other than English and French would be used when needed.
“Our proposed rule amendments are intended to make the requirements for reporting, internal investigations, and client complaints clearer and more consistent and accessible,” said Irene Winel, IIROC’s senior vice-president of member regulation and strategy, in the release. “In alignment with IIROC’s mandate, these proposed changes will ensure investors continue to be protected.”
Source: Investment Executive