On December 8, 2022, the Québec Autorité des Marchés Financiers (AMF) released its updated Draft Regulation respecting complaint processing and dispute resolution in the financial sector (the Updated Draft Regulation). The Updated Draft Regulation builds on the comment received by the AMF on the previous Draft Regulation first published on September 9, 2021 with the aim to propose a framework complementing the already existing complaint processing and dispute resolution obligations imposed on financial institutions and financial intermediaries amongst others.

Of note, the Updated Draft Regulation:

• Broadens the definition of ‘complaint’ to provide the conditions [cumulative] under which a communication should be entered in the complaint register

• Changes the rules and practices relating to the simplified process for certain complaints: (i) possibility to process certain complaints verbally and (ii) option to entrust the processing of such complaints to dedicated customer services teams. Although, the simplified process is only available for complaints for which processing can be completed within 10 days following receipt.

• Provides for the possibility, under conditions determined by regulation, of extending the time period for processing a complaint beyond 60 days following receipt of the complaint. Entities (e.g. financial institutions or financial intermediaries) could have an additional 30 days to process a complaint.

Comments should be submitted by February 6, 2023 and a coming into force is scheduled for January 1, 2024.