January 25th, 2023, The Financial Commission today announces the results of its operations for the previous year with the publication of the 2022 Complaints Summary. The organization achieved record annual growth in key metrics, including new complaints filed and resolved during the year, while achieving an all-time record for quickest and efficient average dispute resolution time since 2013. The organization also continued to bring on new broker members in key regions during a year of rising market volatility and geopolitical uncertainty.
New records set in 2022
- A record 3,026 complaints filed – 26% increase YoY
- A record 2,968 complaints were resolved – 27% increase YoY
- A record 5.6 days average resolution time – quickest since 2013
Other key metrics & accomplishments in 2022
- $7.4M sought from member brokers – 76% growth YoY
- $12.4M sought from all brokers – 17% decline YoY
- $4,348 average complaints value – 34% decline YoY
Annual Complaints Summary
- The Commission experienced another record setting year in 2022 with traders submitting a record number of complaints and the organization resolving a record number of such complaints throughout the year
- Dispute resolution times in 2022 beat all previous records since the organization’s founding in 2013, with just 5.6 days on average for the year
- The organization expanded its international presence by 30% as compared to 2021 with the addition of 13 new approved broker members to its ranks and the certification of a trading technology provider
The Financial Commission improved its already quick and efficient dispute resolution services to traders and broker members in 2022. New global market price volatility and geopolitical uncertainty provided for a renewed interest in online trading, leading to a record amount of new complaints for the organization, as well as improved operational metrics.
The organization further expanded its membership ranks with large, internationally recognized brokers, as well as new members in the Asia region. The organization’s free dispute resolution service to traders gained popularity in Asia, Latin America and Europe with new complaints from these regions growing 47%, 38% and 30% respectively, while complaints from the Middle East grew moderately at 15% in 2022. The Financial Commission also saw a continued decrease of 38% in complaints from Russia and former Soviet republics, as local market restrictions remained in place.
The majority of complaints in 2022 were related to non-trading issues with 58% of the total, while financial related disputes accounted for 29% and trading related complaints 13%. The most popular topics for complaints dealt with account blocking (29%), funds withdrawal (19%), price check (14%), non-market quotes (7%) and stop-out orders (6%). Of all resolved complaints, 42% were resolved “in favor of the broker” and 16% resolved “in favor of the client”, while 52% were found to be outside the organization’s jurisdiction.
Heading into 2023, the Financial Commission expects to see healthy global demand for trading and investing, particularly among younger traders, with fiscal and geopolitical risks impacting the prices of commodities, equities and digital assets through the year. In this regard the organization is prepared to handle a further growth in the number of new complaints from traders during the year.
About Financial Commission
The Financial Commission has conducted dispute resolution services specifically for FX and CFD traders and broker member firms since 2013 as an independent, non-governmental self-regulatory organization and external dispute resolution (EDR) forum. For more information, click here or email us at [email protected].