New Solutions, Member Brokers, Committee Members, and Complaint Resolution Efficiencies
The first half (H1) of 2014 saw a number of positive new developments for Financial Commission, the Industry-driven organization operated by Hong-Kong based FinaCom PLC limited, and via FinancialCommission.org
Below we share our progress report for our members, their clients, and the public, as new brokerages and existing firms consider membership with the Financial Commission, in order to improve business relations by helping to resolve escalated matters use a cost-efficient and non-biased third party. The data presented below can help provide a window into the functions and results achieved by our organization during the first six months of 2014.
H1 2014 Statistics in Review:
During the first half of 2014 a total of 34 complaints were filed in total, of which 16 were against current members, and whereas 18 were against non-members of Financial Commission.
The claims involved amounts ranging from as low as $24.00 to $26,000. In total, 29 of the filed complaints were Forex related, and the remaining 5 were pertaining to Binary Options trading.
20 Complaints were successfully resolved, using the Financial Commission Dispute Resolution Process, and 2 complaints still remain in progress (as of this writing).
In addition there were 12 trading related complaints, from the totals above, 13 payment related, and 4 complaints related to fraud. Meanwhile 12 complaints lack sufficient information, with no status available.
|H1 Total Complaints 34||Resolved|
- Complaints filed against Members 16
- Complaints filed against non-Members 18
- Maximum complaint amount $26,000
- Minimum complaint amount $24
- Not Enough Information 12
- Still In Progress 2
News Developments and Events for the Financial Commission During H1 2014
The Financial Commission continues to focus on growing its effort to help the industry and benefit online brokers and their respective traders, by expanding its solutions to more and more companies, as well as enhancing the number of solutions the Financial Commission offers to its members.
In order to achieve this outcome, during the first half of this year, the organization participated in a number of key forex conferences, appointed a new member to its DRC committee, and developed new methods to cover additional instruments and cater to a different segment of the market – related to binary options, by certifying platform technology.
Participation in Forex Industry Conferences:
|At the start of 2014, the Financial Commission participated in the iFX EXPO International Conference in Macau, an important industry conference in Asia bringing a diverse crowd of brokerages and platform vendors together in one place.|
|The FX Conference in Turkey, organized by Forex Magnates, was also another important event that the commission participated in, during the first half of 2014.|
|At FX Congress in Russia, organized by the first russian SRO CRFIN, where Anatoly Bulanov Head of DRC presented a benchmarking study of various local dispute resolution examples, highlighting their advantages and disadvantages.|
|At the end of H1 2014 the Financial Commission participated at the iFX EXPO International in Cyprus, and Chairman Peter Tatarnikov was a speaker, and presented a keynote speech regarding the functions of the organization as part of the presentation.|
Key Appointments and Membership:
|Juan Jutgla become a member of the Financial Commission’s Dispute Resolution Committee (DRC), thus strengthening the DRC’s already-diverse panel of forex industry executives who are involved in deciding on claims processed by the organization.|
New Solutions and Milestones:
|In order to demonstrate the effectiveness of the Financial Commission’s Dispute Resolution Process, the organization began publishing randomly selected complaints, that were subsequently anonymized in order to focus on the context of the issues that arose, and how they were later resolved through this unique mediation process.|
|In order to provide its membership benefits to the Binary Options industry, the Financial Commission underwent the process of certifying Binary Options platform technology, as a basis for helping to ensure binary options related complaints could be dealt with in an equitable manner, thus opening the doors for Binary Options brokers to become members.|
|The Financial Commission announced its first certified platform Binarystation for Binary Options, from the technology provider Binaryware LLC USA.|
Member Firms at End of H1 2014:
Current Members of the Dispute Resolution Committee (DRC) include:
- Anatoly Bulanov – Head of the DRC
- Ilan Azbel – CEO, AutoChartist
- Francesc Riverola – CEO, FX Street
- Carl Elsammak – CEO, Kammas
- Ilya Sorokin – CEO, ACT Forex
- Simon Grunfeld – Partner, Stone Street Solutions
- Andrew Ralich – Co-Founder, oneZero Financial
- Lior Nabat – CEO, Tradency
- Aleksey Kutsenko – CEO, Tools4Brokers.com
- Kevin Millien – President, Millien Consulting Group
- Juan Pablo Jutgla – CEO Better Way FX Consulting
Upcoming Developments beyond H1 2014:
As part of the organizations core mission statement to help customers through educational channels, the Financial Commission plans on establishing tools for traders, such as webinars, and educational material for traders, as well as implementing some technological features such as enabling traders to check rates and order execution.
The organization is focused on adding more members, during the next quarter and second half of 2014, as well as certifying more binary options trading platforms, from both Binary options brokerages that have developed their own proprietary platforms, as well as platforms from 3rd-party binary options technology providers.