The Financial Services Regulatory Authority of Ontario (FSRA) published guidance on consumer complaints resolution on Wednesday, which will inform the regulator’s review of how well complaints are currently addressed.
The guidance outlines FSRA’s principles-based framework for resolving complaints, which encompasses accessibility, fairness, timeliness, transparency and effectiveness. The guidance also outlines nine research-based best practices for financial complaints resolution that inform the framework.
The framework introduces no new complaint-handling requirements for the regulated sectors; rather, it will guide a review of complaints resolution in each sector to identify strengths and weaknesses.
“This review will allow FSRA to identify gaps and opportunities for improvement,” the guidance said.
In addition to the currently regulated sectors, the guidance will apply to financial planners and financial advisors, and any other sectors for which the regulator gains responsibility, it said.
The regulator will take a sector-specific approach to its review, and welcomes feedback on issues to explore.
Comments from stakeholders can be submitted until Feb. 15.