Whereas FSRA expects all authorised CBs to have clear and accessible complaint-handling for shoppers of their credential holders, Loke says CBs have the discretion to supply that via an internet site, chat, a hotline, or one other channel.
The regulator can even be watching intently to make sure affordable service requirements are being maintained to resolve complaints.
“The objective must be to serve the general public curiosity and to guard shoppers,” Loke says. “We wish to see on an aggregated foundation what the outcomes are, and the way did every credentialing physique keep an efficient course of to answer these complaints.”
Public registry within the works
To assist shoppers perceive which CB they need to attain out to if they’ve a grievance, Loke says FSRA is actively engaged on a searchable public registry of people who’re approved to carry themselves out as monetary planners or advisors. That can embody the precise credential or credentials they’ve, which CB issued it, and if they’ve a disciplinary historical past.
“All credentialling our bodies require credential holders to self-report sanctions imposed by regulators,” he notes. “As we develop the registry, we’ll additionally establish if there are sanctions being imposed that we develop into conscious of as effectively.”