January 10th 2022, The Financial Commission today announces increases in amounts sought from brokers and average values of complaints in the last month of the year as part of its monthly Complaints Digest. The organization also experienced a continued improvement in already swift average dispute resolution times, with a 5.3 days average for the month.
Key monthly highlights for December 2021:
- New monthly complaints increased to 275
- Compensation sought by traders grew by 39% to $1,992,978
- Compensation sought from non-member brokers up 245%
- Compensation awarded to traders totalled $23,762
- Average complaint values increased 34% to $7,248
- Average resolution time improved to 5.3 days
Month Over Month Comparison
- The Commission experienced an increase in newly filed complaints for December for a total of 275
- The amount of compensation sought by traders rose substantially again in December to $1,992,978 or 39% MoM
- The total amount awarded to traders decreased slightly to $23,762
- The average value of complaints filed in December was 34% higher than November at $7,248
- Complaints in December were resolved in 5.3 days on average, evidencing a 12% improvement month over month
The Financial Commission Dispute Resolution Committee (DRC) did not experience a shortage of complaints heading into the end of 2021 as retail traders continued to find trading opportunities in global markets. The DRC continued to process a significant amount of complaints that grew steadily over the previous months. The DRC was able to award a smaller amount of compensation to traders than in the previous month while experiencing a significant jump in the amounts sought by traders from non-member brokers in December. Roughly 16% of new complaints filed with the DRC in December were valued between $1,000-$10K+, highlighting the continued importance of the organization to investigate complaints with a significant monetary value.
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].