1. File a Complaint to Broker Dealer Compliance
Within 45 days from the time of the incident client can file a complaint to Broker Dealer Compliance. However, client must try to resolve his complaint with the Member first.
- Member has 5 days to acknowledge the client complaint was received and 14 days to answer the complaint through the Member’s Internal Dispute Resolution (IDR) procedure.
- Client can file a complaint to Broker Dealer Compliance only if he is not satisfied with Member’s decision or decision wasn’t made within 14 days.
4. Awards and Orders
DRC decisions are binding on Brokers. DRC decisions are binding on clients only if they accept them.
- If complainant agrees with DRC’s decision, he’ll need to accept it within 14 days. If the Client does not respond to the DRC’s decision within 14 days the complaint is considered closed
- Member must award the settlement within 28 days of when the decision was reached.
- If the decision was in favor of the Member, the client must provide a release for the member within 7 days of when the decision was made and the complaint is considered closed