The Investment Dealers Association of Canada has issued a bulletin warning its members to comply with rules requiring speedy account transfers.

The bulletin from the IDA’s enforcement division indicates that it is concerned about adherence with IDA regulations regarding account transfers.

Regulation 2300 deals with client account transfers from one firm to another and specifies time limits and procedural options for completion of transfers. “Members are directed to review Regulation 2300 and to ensure strict adherence with the time limits for ensuring prompt and efficient account transfers,” it says.

“Further, given the potential for client harm resulting from delays in the transfer of accounts, the association expects members will review and monitor processes in place to effect prompt account transfers,” it says.

“Members are reminded that client complaints about delays in account transfers are regulatory issues that must be reported to the association on ComSet,” it adds. “A client complaint concerning account transfers that is reported to the association will be treated seriously and may be referred to the enforcement department if appropriate.”