What does IIROC Rule 2500B require from dealer members regarding client complaints?

What does IIROC Rule 2500B require from dealer members regarding client complaints?

• A. To resolve all complaints within 10 business days.
• B. To send an acknowledgment letter within 5 business days.
• C. To provide clients with a written response to all complaints.
• D. To maintain detailed records of complaints received.

Answer: (B)

The correct answer highlights the requirement for dealer members to send an acknowledgment letter to clients within five business days after receiving a complaint. This is an important protocol that helps to ensure effective communication between dealer members and their clients. Acknowledging a complaint promptly shows that the dealer member takes client concerns seriously and is committed to addressing them.

This timeliness in acknowledgment can also help manage client expectations and foster trust, demonstrating that the dealer member is proactive in handling issues as they arise. Maintaining a strong communication line is critical in client relationships, especially when dealing with complaints, as this can impact overall client satisfaction and retention.

The other options, while they each present important aspects of complaint handling, do not correctly represent the specific requirement stipulated by IIROC Rule 2500B. For example, resolving complaints may vary in timeframes depending on the nature of the complaint, and providing a written response or maintaining detailed records are also essential practices but are not explicitly mandated by this particular rule.