June 4th, 2020, The Financial Commission announces its operating metrics for the month of May 2020 as part of a new Monthly Complaints Digest. The organization continues to experience elevated complaints and inquiries from traders amid heightened market volatility and impacts from COVID-19. The organization has achieved significant growth in key metrics, as well as improvements in its dispute resolution times.
Key monthly highlights for May 2020:
- New complaints up 30%; resolved complaints up 8% MoM
- Compensation sought up 275% MoM to $2.58M
- Total compensation awarded to traders $1M+
- Average complaint value up 215% MoM
- Average resolution time improved by 21% down to 7.5 days
Month Over Month Comparison
- The Financial Commission saw a significant rise in newly filed complaints in May 2020 to 165, which represents a 30% increase month over month
- The amount of compensation sought by traders jumped 275% from the previous month in part due to new trading related disputes surrounding the WTI Oil markets, which caused significant price movement in the derivative CFD products
- The total compensation awarded to traders totaled $1,003,025 as the organization was able to resolve disputes with high average values in favor of customers
- The average value of complaints filed in May was $19,927, a 215% increase over April 2020
- Complaints in May were resolved in 7.5 days on average, a 21% improvement from the previous month
The Financial Commission continues to effectively resolve traders’ disputes and public inquiries despite global disruptions and elevated trader and broker activity around the world. Recent market events, as well as interest in trading Forex and CFDs, have resulted in an exponential growth of key operating metrics for the organization. The Dispute Resolution Committee continues to see a rise in trading related complaints, which increased by 52% in May as compared to April. Meanwhile, operating efficiencies continue to provide for quick and straightforward dispute resolutions, with the average resolution time down to 7.5 days overall for all complaints resolved in May 2020.
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.
For more information please contact us at [email protected].