What should brokers do regarding their complaint handling procedures?

Brokers should communicate their complaint handling procedures to clients because transparency is essential for building trust and confidence in the brokerage service. By openly sharing their procedures, brokers ensure that clients are aware of the steps that will be taken in the event of a complaint. This communication helps clients understand their rights and the process of addressing concerns, which can lead to increased client satisfaction.

Furthermore, having a clear complaint handling procedure that is communicated effectively can also help mitigate potential disputes and misunderstandings. It shows a broker's commitment to customer service and accountability. In regulated markets, brokers are often required to have and disclose such procedures to comply with industry standards and promote good practices. This fosters a positive relationship between brokers and clients, enhancing overall business reputation and performance.