October 7th, 2020, The Financial Commission announces its operating metrics for the month of September 2020 as part of its monthly Complaints Digest. The organization recorded a slight decrease in newly filed complaints for the month while experiencing growth in several key metrics and achieving 132% in the amount of compensation awarded to traders as part of its dispute resolution service.
Key monthly highlights for September 2020:
- New complaints down 13% to 94 total complaints filed
- Resolved complaints up 16% to 101 total
- Total amount awarded to traders up 132% MoM to $63,317
- Percentage of funds awarded up 38% MoM
- Average resolution time increased to 8.9 days
Month Over Month Comparison
- The Commission experienced a slight slowdown in newly filed complaints in September 2020 to 94, which represents a 13% decrease from August
- The amount of compensation sought by traders totaled $632,951, which is a decrease of 17% from the previous month
- The total amount awarded to traders jumped significantly to $63,317, which is an increase of 132% MoM
- The average value of complaints filed in September was 37% lower than August at $4,386
- Complaints in September were resolved in 8.9 days on average, which is an increase of 93% from the previous historic record set in August 2020
The end of summer has brought with it a resurgence of Covid-19 related disruptions around the globe along with subdued volatility in global markets, leading to fewer opportunities for traders. Echoing these short-term changes the Financial Commission experienced a slowdown in several key metrics, including average complaints value, amounts sought by traders, and total new complaints. Financial-related complaints continued to dominate, indicating that traders are continuing to deal with issues related to funds withdrawal, rather than trading, as witnessed in previous months. At the same time, the Dispute Resolution Committee (DRC) awarded significantly more compensation to traders in September than previous months, while increasing average dispute resolution times in order to provide sound and reasonable resolutions to 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.
For more information please contact us at [email protected].