Quebec dealers already meet the 60-day deadline, and CIRO now wants the rest of Canada to match
Dealers outside Quebec would have 60 days rather than 90 to give investors a final response to a complaint, under rule amendments the Canadian Investment Regulatory Organization (CIRO) published on October 29.
The amendments would harmonize CIRO’s requirements with Quebec’s current complaint-handling framework and establish a consistent 60-day standard timeline nationwide.
An additional 30 days would be available, CIRO said, for particularly complex complaints or delays beyond a dealer member’s control.
Dealers subject to the Autorité des marchés financiers (AMF) requirements in Quebec generally have 60 days to provide a final response, while dealers in other provinces generally have 90 days under CIRO rules.
Alexandra Williams, senior vice-president, strategy, innovation and stakeholder protection at CIRO, said in the regulator’s release that complaint handling is “fundamental to investor protection and confidence in Canada’s capital markets.”
Investors “deserve timely answers and a clear understanding of their options when concerns arise,” she said. The proposed framework “would provide faster responses for most complaints,” while preserving the flexibility to handle more complex matters.
What the 60-day complaint standard would cover
CIRO’s accompanying guidance lists complaints involving disputed suitability assessments, estate or tax matters, multiple accounts, unapproved outside activities, personal financial dealings or former employees as matters that may require more time.
Service or administrative matters, transaction errors, margin issues and account transfers would generally be expected to be addressed within 60 days.
The regulator identified reviewing the current complaint-handling framework in its 2027 Annual Priorities as part of broader efforts to enhance investor protection through stronger complaint-handling rules.
In CIRO’s 2024 Investor Survey, 70 percent of surveyed investors said the current 90-day time frame was unreasonable.
Investor advocates pressed for a national timeline
The Canadian Foundation for Advancement of Investor Rights (FAIR Canada), the Toronto investor advocacy charity, called for a single national 60-day standard in an article on its website.
“Firms should have no more than 60 days to investigate and respond to a complaint, with limited, clearly defined grounds for an extension in exceptional circumstances,” the organization wrote. “This standard is achievable, as Québec’s experience shows, and is still longer than in other comparable jurisdictions that require responses within 30 to 45 days.”
In a June 12, comment letter to CIRO, FAIR Canada said it “strongly urges CIRO to adopt a single 60-day timeline that captures all internal dealer complaint handling processes, with an extension of up to 90 days in exceptional circumstances.”
A CIRO bulletin issued June 30, 2025 told dealer members that the Quebec Regulation respecting complaint processing and dispute resolution in the financial sector took effect July 1, 2025.
Affected dealer members must give a final response within 60 days of receiving a complaint, extendable to 90 days in exceptional circumstances or where the cause is beyond their control.
CIRO is accepting comments on the proposed amendments until January 27, 2027.
