New rule sets tighter timeframes for responses to client complaints
Goal is to harmonize the requirements used by the CSA and both SROs
Firm must retain independent monitor to resolve compliance deficiencies, MFDA says
Figures show how many complaints firms have received and how they have dealt with them
Advisors should learn how to defuse anger
But advisors are not out of the woods, as previous complaints can still make an appearance at IIROC hearings
Regulator intends to co-ordinate with MFDA
System will be accessible to the entire Canadian insurance industry
Deadline for providing a response would be shortened to three months
Regulators are overdue for a full response to the concerns of retail investors