File a Complaint to Financial Commission
Clients have 45 days from the date of the incident to file a complaint with the Financial Commission. However, clients must first attempt to resolve their complaint with the Member.
The Member has 5 days to acknowledge receipt of the client’s complaint and 14 days to respond to the complaint through the Member’s Internal Dispute Resolution (IDR) procedure. A client may file a complaint with the Financial Commission only if they are not satisfied with the Member’s decision or if a decision has not been made within 14 days.
Investigation Phase
The Financial Commission will investigate the grounds of the complaint and verify its validity within 5 business days.
The Head of the Dispute Resolution Committee (DRC) will contact both the client and the Member within 5 business days to obtain all necessary information and assess whether there is an opportunity to settle the complaint during the investigation phase. If no settlement opportunity arises during this phase, the complaint will proceed to the Determination Phase and be reviewed by the DRC.
Determination Phase
Based on the documents and information collected during the Determination Phase, the DRC will make a decision regarding the complaint.
If additional information is required, the DRC will request this information from either the client or the Member. The requested party must respond within 7 days.
Awards and Orders
Decisions made by the DRC are binding on Brokers. DRC decisions are binding on clients only if they accept them.
If the complainant agrees with the DRC’s decision, they must accept it within 14 days. If the client does not respond to the DRC’s decision within 14 days, the complaint will be considered closed. The Member must implement the settlement within 28 days of the decision being reached. If the decision is in favor of the Member, the client must provide a release for the Member within 7 days of the decision being made, and the complaint will be considered closed.
