The Complaints Module in CMS G2 is a feature to help banks/broker dealers manage complaints against representatives. This new feature tracks and maintains complaints to comply with FINRA® regulations. The Complaints Module provides customers with the ability to initiate, manage, edit and export complaints all within the CMS G2 system.
Key Functions:
- Manage Complaints to comply with FINRA® regulations
- Up-to-date Complaints alerts
- Export and upload to FINRA® locations
- Edit Complaints record
Manage Complaints
After initiating a complaint, you can manage complaints and perform various operations including edit, add complaint action and disclosure events. In addition, there may be several complaints related to a representative that can be grouped together for easy tracking. This feature allows users to manage multiple complaints.
Complaint Alerts
FINRA® rule 3070© and NYSE rule 351(d) have defined stringent deadlines for member firms to report complaint and disclosure information to FINRA®. In order for firms to report data in a timely manner, it is prudent that users are alerted to any incomplete entries that must be reported to FINRA®. The Complaint Alerts feature creates alerts for the Primary Complaint Investigator. In the absence of a Complaint Investigator, alerts are generated to the Primary Contact Person.
- All complaints received by firms in a calendar quarter must be reported to FINRA® by the 15th calendar day of the following month. Users are alerted using the Complaints Alert screen for complaints that are getting close to (or have passed) deadlines.
- All disclosures must be reported within 10 business days of reporting a complaint. Users are alerted using the Complaints Alert screen for disclosures that are getting close to (or have passed) deadlines.
Export Complaints
FINRA® rules require the member firms to send the complaint and disclosure information to FINRA®. CMS G2 provides users the ability to export selected complaints/disclosures in XML format via the Export Complaints feature. You can then manually upload the saved file to a FINRA® location.