June 13th, 2018 Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry today announces that the membership status of FXGroup has ceased following a breach of contractual obligations.
In order to maintain membership with the Financial Commission, member firms must strictly adhere to membership rules and all members agreed to comply with Financial Commission rules as one of the many prerequisites for initial membership approval and to maintain good standing.
|FXGroup had not met its contractual obligations as a Financial Commission member and was expelled for non-payment of its dues, starting from June 7th, 2017 when company’s membership was ceased.
Financial Commission notes that it will not be able to process any new complaints from FXGroup, following its expulsion from Financial Commission as of the date of this announcement and moving forward.
Furthermore, FXGroup’s clients will not be eligible for reimbursement from Financial Commission’s compensation fund as a non-member, since the compensation fund can only be used by clients of approved members, and subject to ruling by our Dispute Resolution Committee. The compensation fund is designed to help protect members’ clients in exceptional cases and is funded by Financial Commission from a portion of membership dues.
An updated list of current and prior members can be found on FinancialCommission.org, including members that have either been expelled or withdrawn voluntarily.
Financial Commission is a leading independent self-regulatory organization whose members include online brokerages and exchanges, across Forex, CFDs, derivative and cryptocurrency markets, as well as certified providers and developers of trading platform technology used by members and their end-clients who are retail traders and investors.