February 10th, 2020: The Financial Commission today announces the results of its operations for the previous year with the publication of the 2019 Annual Summary. With record-setting key metrics and continued improvements to operations, the organization continues to find efficiencies during a time of increased trader inquiries and disputes, regional expansion and diversification of its services.
Among the notable accomplishments for 2019:
- A record 1012 complaints filed – 7% increase YoY
- A record $7.4 million sought by traders – 2x increase YoY
- 6.77 days average dispute resolution time – 14% improvement YoY
- 34% of complaints in high value category ($1K+)
- 17% more complaints resolved in “clients favor” than in 2018
- 4X more compensation awarded for “trading related” disputes YoY
- 2X more compensation awarded for “financial related” disputes in YoY
The Financial Commission experienced record growth during 2019 while improving efficiencies in its core metrics, including significantly growing the amount of complaints filed, resolved and compensation awarded from a total of $7.4 million sought by traders. Complaint statistics reveal an increase in the amount of complaints resolved for traders and brokers, as well as compensation for certain categories of disputes.
Perhaps the most important statistic – average dispute resolution time – has also improved over the last year and is now 7 days, having decreased by 14% from the previous period. The speedy processing and resolution of disputes during a period of record numbers of complaints is a result of continued efficiencies and improvements made to operations during 2019.
New Members & Services
During 2019 the Commission expanded its membership ranks with 8 new members, as well as 5 trading technology certifications, including Collective investment technology certification for PAMM and copy trading service providers. The Dispute Resolution Committee (DRC), tasked with independently evaluating and judging customer complaints in an unbiased manner was also expanded with three new experts from Europe, Australia and Israel.
Continuing its commitment to traders and the industry as a whole, the Commission launched FX media and a unique broker directory called “Check Your Broker” in order to help traders quickly check the status of their broker and find out all the important regulatory and business developments impacting the FX & CFD industry worldwide.
About Financial Commission
Founded in 2013, the Financial Commission is a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages, exchanges and Blockchain firms that participate in global foreign exchange (forex), derivatives, CFD and digital asset markets.
Financial Commission provides efficient compliance solutions to its members, alongside its External Dispute Resolution (EDR) mechanism that serves as an effective channel for processing complaints from clients of member firms.
For more information please contact us at [email protected].