April 7th 2021, The Financial Commission today announces increases in newly filed complaints, resolved complaints, as well as awards to traders and amounts sought from member brokers for March 2021 as part of its monthly Complaints Digest. The organization also experienced a rise in trading related complaints while maintaining a steady average dispute resolution time of just 8.3 days for the month.
Key monthly highlights for March 2021:
- New complaints up 18% to 119 total complaints filed
- Resolved complaints improved by 10% to 148
- Compensation sought from members up 29% to $268,421
- Compensation awarded to traders increased 67% to $39,201
- Average resolution time steady at 8.3 days
Month Over Month Comparison
- The Commission experienced a healthy uptick in newly filed complaints for March to 119, which represents an 18% improvement from February 2021
- The amount of compensation sought by traders dropped noticeably in March to $913,428 or 41% from the previous month
- The total amount awarded to traders grew by 67% to $39,201
- The average value of complaints filed in March was 62% lower than February at $5,855
- Complaints in March were resolved in 8.3 days on average, continuing a steady pace from the previous month
Renewed interest in trading global markets has continued to support demand for external dispute resolution services (EDR), as highlighted by the growth of several key metrics of the Financial Commission last month. Increases in trading related complaints suggest more traders are taking advantage of market opportunities and having issues with trade execution or pricing. Roughly 25% of all new complaints filed with the Dispute Resolution Committee (DRC) in March were valued at $1,000-$9,999, highlighting the continued importance of the organization to investigate complaints with a significant monetary value. During the month, the DRC was able to ramp up the resolution of cases with total resolved complaints rising 10% from February while maintaining a steady average resolution time of 8.3 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].