July 9th, 2020, The Financial Commission announces its operating metrics for the month of June 2020 as part of its monthly Complaints Digest. The organization continued to experience elevated complaints and inquiries from traders amid sustained market volatility and continued impacts from COVID-19. The organization has achieved another month of growth in key metrics, as well as further improvements in its dispute resolution times.
Key monthly highlights for June 2020:
- New complaints up 7%; resolved complaints up 15% MoM
- New member complaints up 41% MoM
- Compensation sought from non-members up 43% MoM to $62K
- Total compensation sought by traders $693,000
- Average resolution time improved by 8% down to 6.9 days
Month Over Month Comparison
- The Commission saw a continued rise in newly filed complaints in June 2020 to 177, which represents a 7% increase month over month
- The amount of compensation sought by traders totalled $692,896 in June as traders continued to take advantage of volatile financial markets
- Traders of non-member brokers sought $62,370, which is an increase of 43% MoM
- The average value of complaints filed in June fell to $5,218, but still remained elevated as compared to previous historic data
- Complaints in May were resolved in 6.9 days on average, an 8% 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. Continued trading opportunities in global markets, as well as interest in trading Forex and CFDs have resulted in an continued growth of key operating metrics for the organization. The Dispute Resolution Committee witnessed a rise in financial related complaints, which increased by over 25% in June as compared to May. Meanwhile, increased staff and ongoing efficiencies continue to provide for quick and straightforward dispute resolutions, with the average resolution time down to 6.9 days overall for all complaints resolved in June 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].