May 13th 2021, The Financial Commission today announces steady month over month figures for newly filed complaints, resolved complaints and other key metrics for April 2021 as part of its monthly Complaints Digest. The organization also experienced a continued rise in trading related complaints while average dispute resolution times fell to just 5.6 days for the month.
Key monthly highlights for April 2021:
- New complaints steady at 118 total complaints filed
- Resolved complaints fell by 11% to 131
- Compensation sought by traders $629,533
- Compensation awarded to traders fell to $4,701
- Trading related complaints increased by 29%
- Average resolution time dropped to 5.6 days
Month Over Month Comparison
- The Commission experienced almost no change in newly filed complaints for April with 118 complaints filed
- The amount of compensation sought by traders dropped noticeably in April to $629,533 or 31% from the previous month
- The total amount awarded to traders fell to $4,701
- The average value of complaints filed in April was 9% lower than March at $5,335
- Complaints in April were resolved in 5.6 days on average, evidencing a 32% improvement month over month
Trading in global markets with a new focus on digital assets and derivatives has continued to support demand for external dispute resolution services (EDR), as highlighted by several key metrics of the Financial Commission for the last month. Increases in trading related complaints by 29% suggest more traders are taking advantage of market opportunities and having issues with trade execution or pricing. Roughly 26% of all new complaints filed with the Dispute Resolution Committee (DRC) in April were valued at $1,000-$10K, highlighting the continued importance of the organization to investigate complaints with a significant monetary value. During the month, the DRC was able to speed up the resolution of cases with average resolution times falling by 32% to just 5.6 days.
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].