National Regulatory Services Releases ComplianceMAX Customer Complaints Module

New York - 27 May 2015

Spend more time protecting your firm, and less time searching for information and submitting customer complaint information to FINRA.

National Regulatory Services (NRS), part of Accuity, today announced the release of the ComplianceMAX (cMAX) Customer Complaints Module, created to allow its users to confidently manage, utilize and archive information pertaining to customer complaints. The module helps broker-dealers comply with FINRA Rule 4530 by centralizing all customer complaint information into a configurable workflow and automating FINRA filings.

In an environment of increased regulatory scrutiny, failure to implement adequate controls can result in significant reputational damage and potential regulatory fines. Effectively managing customer complaints requires timely action and awareness of every step of an issue’s resolution status. The cMAX Customer Complaints Module allows firms to properly identify, report and resolve each individual complaint against registered representatives and the firm itself.

FINRA Rule 4530 mandates that broker-dealers adopt comprehensive policies and procedures to document, address and report on any customer complaints. The cMAX Customer Complaints Module will help firms stay compliant with this rule by providing the ability to:

  • Document each complaint’s unique details, background and critical variables
  • Mitigate potential financial and reputational risk to your firm
  • Optimize the performance of compliance professionals
  • Establish stronger compliance practices

“Fulfilling all of their compliance obligations is an incredible burden for our industry. Customer complaint volume and complex response and escalation protocols add to the challenge,” comments John Gebauer, President at NRS. “With the cMAX Customer Complaints Module, our customers will be able to improve their complaints management process, respond to clients quickly and to electronically file correct, timely and complete information to FINRA. NRS is pleased to continue building on its strong track record of delivering relevant and leading compliance solutions to the industry.”

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