June 21, 2023, The Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, announces a public response to the Investor Alert published on the Canadian Securities Administrators (“CSA”) website on June 20, 2023 alleging that the Financial Commission is a “fake regulatory and dispute resolution organization”.
The Financial Commission does not agree with the information in the notice.
Given the Financial Commission’s experience, it is likely that unknown individuals cloned or copied official membership certificates to pursue possible fraudulent activity involving online scams, which the Financial Commission actually actively works to identify and actually warns the public about on a consistent basis on its Warning List.
Furthermore, the Financial Commission on a regular basis warns the public when any fake or cloned versions of its website or official materials are found on the Internet, which may have led to the actions taken by the CSA.
Nonetheless, the organization remains in discussions with the CSA to resolve this misunderstanding as soon as possible.
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) service, funded by membership dues collected from its broker members. The organization does not accept or process complaints related to trading or storing digital assets, such as cryptocurrencies and tokens.
The Financial Commission ensures that traders and brokers are getting their disputes resolved in a quick, efficient, unbiased and authentic manner while making sure they walk away with a well-founded answer, thus contributing to their overall knowledge about Forex trading. In 2022 alone, the organization processed over 3,000 such complaints and awarded over $238,000 to traders. Today, the organization publishes quarterly public reports on its operations and complaints statistics.
In addition, from time to time, the Financial Commission publishes helpful articles for traders on how to avoid investment scams, including those that are prevalent in online social media.
The Financial Commission will provide more comments publicly as they become available.