Complaint examination

The framework for processing complaints from financial consumers will change as of July 1, 2025, the date on which the Regulation respecting complaint processing and dispute resolution in the financial sector (pdf - 242 KB)This link will open in a new window will come into force. The AMF will be gradually posting new content in a new tab that has been added to this page. Refer to the new tab to find out more about this framework.

Under the applicable regulations, the following financial sector participants must comply with certain legal obligations in respect of complaints received from clients and process such complaints in a fair and equitable manner:

  • Insurers;
  • Trust companies, savings companies and financial services cooperatives;
  • Credit assessment agents;
  • Securities dealers and advisers;Businesses that act exclusively as investment fund managers are not subject to this obligation.
  • Firms, independent partnerships and independent representatives.

Complaints entry and reporting process

The way complaints are entered and reported is harmonized across the industry.

Between March 1 and May 1 of each year, you are required to submit a complaint report using the Complaint Report tool, which is accessible via AMF E-Services for businesses.

The period covered by each report is from January 1 to December 31 of the previous year.

COMPLAINT REPORTING
AMF E-Services for businesses

What is a complaint?

A complaint is the expression of one of the following three elements where that element persists after having been considered and processed at the operational level with decision-making authority:

  • a reproach in respect of the organization;
  • the identification of real or potential harm that a consumer has sustained or may sustain; or
  • a request for remedial action.

A complaint must be in writing so that it can be kept on file. If a consumer makes a verbal complaint, the person taking charge of the complaint must document it so that it can be kept on file.

The initial expression of dissatisfaction by a consumer, whether in writing or otherwise, will not be considered a complaint where the issue is settled in the  regular course of the business’s activities. However, if the consumer remains dissatisfied and the complaint officer designated in the organization's policy takes charge of the dissatisfaction, it will be considered a complaint.

However, the organization must refrain from any undue delay in referring a complaint to a higher level solely for the purpose of circumventing the requirement to enter the complaint in the complaint report.

Organizations without a multilevel structure for processing complaints must consider a client’s dissatisfaction to be a complaint when it persists after a reasonable attempt has been made by the business to settle the matter.

Effective July 1, 2025, complaints from financial consumers will also have to be processed in accordance with the rules and practices specified in the Regulation respecting complaint processing and dispute resolution in the financial sector (pdf - 242 KB)This link will open in a new window (the "Regulation").

Businesses subject to this framework

The framework applies to the following businesses:

This new framework complements the one already applicable to financial intermediaries, financial institutions and credit assessment agents with respect to the processing of financial consumer complaints and the resolution of disputes arising from them.

Harmonized framework for processing complaints and resolving disputes

Financial intermediaries, financial institutions and credit assessment agents must:

  • adopt and adhere to a complaint processing policy
  • disseminate a summary of their policy to their clients
  • keep a complaints register
  • notify the client that their complaint has been received and that they have the right to request to have their complaint examined by the AMF
  • transfer the complaint record to the AMF when requested by the client
  • submit a complaint report to the AMF

These obligations are explained in greater detail in the sections on financial intermediaries, financial institutions and credit assessment agents.

See the following pages for the applicable framework:

Effective July 1, 2025, the common set of rules and practices respecting complaint processing and dispute resolution that are set out in the Regulation will be added to these obligations.

Common set of rules and practices

Financial intermediaries, financial institutions and credit assessment agents (“businesses”) will be required to review their complaint processing and dispute resolution process to ensure compliance with the complaint definition and new rules and practices set out in the Regulation.

Complaint definition

The Regulation defines the complaints that must be processed by the businesses in accordance with the rules and practices set out in legislation and Regulation. (s. 3 of the Regulation)

Complaint regarding a financial intermediary or financial institution

A communication that meets the following conditions is considered a complaint regarding a financial institution or financial intermediary:

  • It expresses a reproach or dissatisfaction in respect of a service or product offered by the financial intermediary or financial institution.
  • It is communicated by a person who is a member of the clientele of the financial institution or financial intermediary (“consumer”).
  • It expresses an expectation, explicit or not, that action be taken by the financial intermediary or financial institution to address the situation.

Examples

A consumer reproaches their representative for failing to clearly explain the fees the representative’s business is charging them for its services and asks for the fees to be cancelled.

A consumer is dissatisfied with how long it took their financial institution to process their request to transfer their account balance to another business and asks for the interest lost during that time to be reimbursed.

Complaint regarding a credit assessment agent

A communication that meets the following conditions is considered a complaint regarding a credit assessment agent:

  • It expresses a reproach or dissatisfaction in respect of a practice of the credit assessment agent.
  • It is communicated by a person concerned by a credit record held by the credit assessment agent.
  • It expresses an expectation, explicit or not, that action be taken by the agent to address the situation.

Examples

A consumer has noticed that their credit score has gone down and wants to know why. After several futile attempts to get answers from the credit assessment agent, the consumer, dissatisfied with the customer service provided by the agent, asks to have another person contact them with the explanation.

A consumer informs a credit assessment agent that they are unable to register on-line to access their credit report because of an authentication error on the credit assessment agent’s end. They ask for the issue to be resolved so they can access their credit report.

The following are not considered complaints

Types of requests or communications Examples
A comment or feedback

Example 1:

A client contacts the business to say they are finding its website hard to use and are having trouble locating the business’s mailing address.

Example 2:

A client complains about the long wait to get through to a customer service agent.
A request for information or materials regarding a product or service

Example 1:

A client contacts their insurer to understand why the premium on renewal of their auto insurance contract is higher and inquires about the reasons for the increase.

Example 2:

A client wants clarification regarding the fees charged for the services provided by their representative.

Example 3:

A client requests a copy of the summary of the business’s complaint processing policy.

A claim for an indemnity or an insurance claim

Example 1:

A client asks their insurer to review its decision to deny their claim following a loss.

Example 2:

A client contacts their insurer for an update on the status of their disability claim because they feel it is taking too long to process.

A request for access or rectification of personal information concerning a client (Such requests must be processed in accordance with the Act respecting the protection of personal information in the private sector This link will open in a new window)

Example 1:

A client requests a copy of their record from the business.

Example 2:

A consumer asks the credit assessment agent to rectify information in their credit report.

A request for correction of a clerical error

Important!
When the error giving rise to a correction request has further consequences for the client or one or more other clients, the request must be considered a complaint.

Example 1:
A client asks their representative to rectify a clerical error in their mailing address.

Example 2:

A client notifies the business that their representative has made an error in calculating the fees payable for services provided. The representative is claiming payment of $210 for 3 hours’ work at an hourly rate of $65. The client asks the business to correct the calculation error so they can know how exact amount that they actually owe.

Example 3:

An employee inputs an incorrect bank account number in the client’s record, causing a payment default in another contract. The client asks the business to correct the input error in their banking information and rectify the situation involving the other contract.

The error exposes a calculation issue in the business’s computer system that is affecting a number of other clients.

Complaint processing by a business

Special rules by type of business

Financial intermediaries

Effective July 1, 2025, financial intermediaries will have to process client complaints in accordance with the requirements established in the Regulation respecting complaint processing and dispute resolution in the financial sector (pdf - 242 KB)This link will open in a new window (the “Regulation”), in addition to the already-established requirements in the following statutes:

  • Act respecting the distribution of financial products and services for firms, independent partnerships and independent representatives;
  • Securities Act and Derivatives Act for securities or derivatives dealers and advisers.

Financial intermediaries must, among other things, adopt a complaint processing policy and disseminate a summary of it to their clients.

Adopting a complaint processing policy

To ensure that complaints received from their clients are processed fairly, financial intermediaries must adopt and adhere to a complaint processing and dispute resolution policy.

This policy must include a number of elements prescribed by statute in addition to those prescribed in the Regulation.

The AMF is offering a model policy for firms and independent partnerships registered under the Act respecting the distribution of financial products and services This link will open in a new window, as well as a model policy for independent representatives.

Financial intermediaries can use this model as the basis for drafting or revising their own policy in anticipation of the coming into force of the Regulation.

Models

For firms:

For independent representatives:

 

Disseminating a summary of the policy

Registrants must post a summary of their policy on their website or disseminate it to their clients (e.g., by sending them a copy of the summary).

The summary must include a number of elements prescribed by statute in addition to those prescribed by the Regulation.

The AMF is offering a model policy summary for firms and independent partnerships and another one for independent representatives.

Financial institutions

Financial institutions must adhere to sound commercial practices, including the fair treatment of clients and fair processing of their complaints, and adopt a complaint processing and dispute resolution policy. These requirements can be found in the following statutes:

  • Insurers Act
  • Act respecting financial services cooperatives
  • Deposit Institutions and Deposit Protection Act
  • Trust Companies and Savings Companies Act

The requirements will also be set out in the Regulation respecting complaint processing and dispute resolution in the financial sector (pdf - 242 KB)This link will open in a new window, which will come into force on July 1, 2025. Financial institutions may also refer to the Sound Commercial Practices Guideline (pdf - 1 MB)This link will open in a new windowNovember 2022 and the Governance Guideline.

Adopting a complaint processing policy

The complaint processing and dispute resolution policy adopted must comply with the legal requirements and reflect the principles and expectations set out by the AMF in its guidelines. Moreover, the AMF will not prescribe any specific wording, in line with the principle underlying the guidelines, which are designed to be sufficiently flexible to allow financial institutions to establish for themselves the strategies, policies and procedures they need to implement to comply with sound and prudent management principles and sound commercial practices adapted to their context.

Credit assessment agents

Credit assessment agents must adhere to sound commercial practices, including providing fair treatment to any persons concerned whose record the agent holds, ensuring the fair processing of their complaints and adopting a complaint processing and dispute resolution policy. These requirements are defined in the Credit Assessment Agents Act and, as of July 1, 2025, the Regulation respecting complaint processing and dispute resolution in the financial sector. Credit assessment agents may also refer to the Guideline applicable to credit assessment agents (pdf - 461 KB)This link will open in a new windowUpdated on February 2, 2023Guideline, credit assessment agents.

Adopting a complaint processing policy

The AMF expects credit assessment agents to adopt a complaint processing and dispute resolution policy that complies with legal requirements and reflects the principles and expectations set out in its guidelines. The AMF will not prescribe any specific wording, in line with the principle underlying the guidelines, which are designed to be sufficiently flexible to allow financial institutions to establish for themselves the strategies, policies and procedures they need to implement to comply with sound and prudent management principles and sound commercial practices adapted to their context.

Information

If you have any questions about the “Complaint report” or the way complaints are entered, contact the complaint report analyst:

Québec City: 418-525-0337, ext. 4122
Montréal: 514-395-0337, ext. 4122
Toll-free: 1-877-525-0337, ext. 4122
E-mail: [email protected]

End of the Information