COMPLAINT MANAGEMENT AND REPORTING

Customer complaints provide valuable insights into a broker dealers risk management programs and are, at times Key indicators of potentially unfair, deceptive or abusive practices. Internal auditors and securities regulators regularly evaluate these complaints in probing for potentially broader firm issues or deficiencies as gross negligence, failures of supervision and fraud. Customer complaints that are not adequately addressed can result in either or both regulatory and civil actions against the brokerage firm and/or its associated individuals.

As such, customer complaints and how these complaints are reported have played and continue to play a significant role in the shaping of our regulatory environment and the products and services offered to the investing public. And in today’s open electronic media environment, any bad press or publicity, no matter how small, can migrate across the US in minutes potentially causing permanent damage to a firm’s reputation and bottom line.

Resolving customer complaints and adhering to the various regulatory reporting requirements can be very complex and impact multiple business lines and functions. Critical to this process is the defining of roles and responsibilities for complaint resolution and reporting, particularly when complaints should be escalated to the firm’s Compliance or Legal departments. As a result, member broker dealer must evaluate and design supervisory controls and systems to address these situations or where a complaint involves multiple lines of business, associated personnel and securities violations and address how these procedures should be detailed on one’s WSPs.

Wall Street Consulting Services understands your needs and frustrations, especially when dealing with From U-4/U-5 reporting requirements, evaluating the language used in poorly written complaints and Statement of Claims and struggling over the language to use in your CRD filings. Our Experts have decades of hands on experience in the supervision, management and reporting requirements of customer complaints and reportable events.

Whether you need complaint management assistance or are considering outsourcing your complaint and reporting function we can help.

Some of our services include:

  • Function outsourcing
  • Ongoing contractual on and offsite assistance
  • Writing your firms Complaint and Reporting section of your WSP
  • Supervisory complaint management, resolution and reporting training
  • Assist in completing your quarterly reporting, reporting reportable events and responding to any regulatory inquiries that may occur
  • Establishing your Complaint files and tracking systems, and complaint/investigation backup to meet regulatory books and records requirements
  • Assist in implementing complaint review, investigation and resolution industry best practices