October 18th 2021, The Financial Commission today announces increases in newly filed complaints, resolved complaints, as well as amounts sought by traders and average complaints values for September 2021 as part of its monthly Complaints Digest. The organization also experienced a slight slowdown in already swift average dispute resolution times, with 9.4 days average for the month.
Key monthly highlights for September 2021:
- New monthly complaints up 27% to 312
- Resolved complaints increased to 320 or 33% MoM
- Compensation sought by traders jumped 273% to $2,769,244
- Compensation awarded to traders decreased to $27,938
- Financial related complaints increased by 65%
- Average resolution time slowed to 9.4 days
Month Over Month Comparison
- The Commission experienced another increased in newly filed complaints for September with 312 complaints filed
- The amount of compensation sought by traders increased significantly in September to $2,769,244 or 273% MoM
- The total amount awarded to traders fell to $27,938
- The average value of complaints filed in September was almost 2x higher than August at $8,875
- Complaints in September were resolved in 9.4 days on average, evidencing a 24% slowdown month over month
Demand for retail trading and investing looks to have picked up following the summer months as highlighted by the growth of several key metrics of the Financial Commission for September 2021. Increases in new filed and resolved complaints suggest traders are continuing to try and take advantage of market opportunities with the Dispute Resolution Committee (DRC) continuing to process a larger number of complaints than previous months. The DRC was able to award a smaller amount of compensation to traders in the previous month while experiencing a significant jump in the amount sought in all submitted complaints. At the same time, over 23% of all new complaints filed with the DRC in September were valued between $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 resolve 33% more complaints than in August with continued operating efficiencies, while the rise in newly filed complaints led to an uptick in average resolution times, which still continue to outpace alternative EDR services.
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].