When a customer files a complaint with a broker-dealer,
I. the broker-dealer must submit the complaint to the firm's compliance department.
II. the broker-dealer must provide a prompt written response to the complainant.
III. the broker-dealer must temporarily suspend the activities of any agent named in the complaint.

Question

Quizplus · Accepted Answer

Only Selections I and II are true. When a customer files a complaint with a broker-dealer, the broker-dealer is required to submit the complaint to the firm's compliance department, if any, and to provide the complainant with a prompt written response. It is not necessary to suspend the activities of an agent named in the complaint.

When a Customer Files a Complaint with a Broker-Dealer