Customer Complaints

All written complaints received from a customer or from an individual acting on behalf of the customer must be reported promptly to the principal of the firm. The firm is required to:

  • Maintain a copy of the complaint at a supervising office of supervisory jurisdiction
  • Electronically report all complaints to FINRA within 15 days of the end of each calendar quarter. If no complaints were received, no report is due
  • Report complaints within 10 days to FINRA, if the complaint alleges misappropriation of funds or securities or forgery

The firm must maintain a separate customer complaint folder, even if it has not received any written customer complaints. If the firm’s file contains complaints, the file must state what action was taken by the firm, if any, and it must disclose the location of the file containing any correspondence relating to the complaint. NYSE rules require member firms to acknowledge all customer complaints within 15 days of receipt and must respond to the compliant within a reasonable time. Complaints received by the member via email may be responded to by replying to the email address that originated the compliant or by sending a letter to the customer’s address of record. If a member firm receives a verbal complaint it may respond verbally and must record the verbal complaint in a call log.


A principal is required to review all written customer complaints but there is no required time frame to respond or take action. 


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