March 19th, 2020, The Financial Commission today announces an update on its business operations during the ongoing Covid-19 pandemic and turmoil affecting the global financial markets. The organization continues to operate normally and process an increased amount of complaints and inquiries from traders around the world. Improvements in operating metrics, outlined below, suggests the organization is ready for any further increase in complaints going forward, as unprecedented market volatility continues.
The Commission has identified an increase of 8% in the number of complaints resolved so far in 2020 as compared to 1Q 2019. In addition, the organization projects that the total number of resolved complaints will be 25% higher for the first quarter of 2020 as compared to the same period last year.
The organization has also identified an increase of 8% in “trading-related” complaints, as well as a jump of 34% for “financial-related” complaints as customer activity has significantly increased since the beginning of 2020 as a result of trading opportunities presented during times of market volatility.
Despite experiencing a rise in submitted complaints, the organization’s Dispute Resolution Committee (DRC) continues to operate efficiently, utilizing telecommunication technologies. Average resolution times, a key performance indicator for the organization, have improved as cases resolved so far in 2020 have had an average resolution time of 5.9 days, as compared to 7 days on average in 2019. As such, the DRC is ready and able to continue to provide swift complaint investigations and resolutions to assist traders.
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.
The 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.
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