new faq

The Financial Commission / new faq

[fusion_builder_container hundred_percent=”no” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” overlay_color=”” video_preview_image=”” border_size=”” border_color=”” border_style=”solid” padding_top=”” padding_bottom=”” padding_left=”” padding_right=””][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” border_position=”all” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” center_content=”no” last=”no” min_height=”” hover_type=”none” link=”” element_content=””][fusion_title margin_top=”” margin_bottom=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” size=”3″ content_align=”left” style_type=”single dashed” sep_color=”#abccc7″]

Clients FAQ

[/fusion_title][fusion_accordion boxed_mode=”” border_size=”1″ border_color=”” background_color=”” hover_color=”” divider_line=”yes” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=””][fusion_toggle title=”What is the Financial Commission?” open=”no”]

The Financial Commission is an external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes with financial services providers that are members of the Financial Commission.

The Financial Commission set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading the Forex market.

The Financial Commission hears a wide variety of disputes of all monetary values. We give traders a voice so they feel they are treated fairly and we provide brokers a means to respond to any complaints that may have been unfairly lodged against them.

[/fusion_toggle][fusion_toggle title=”What are the objectives of the Financial Commission?” open=”no”]

The Financial Commission was established to be a neutral 3rd party committee to fairly review and resolve complaints in an effort to facilitate a simpler, swifter resolution than through industry regulators and the legal system.

[/fusion_toggle][fusion_toggle title=”What happens when a customer files a complaint with the Financial Commission?” open=”no”]

When the Financial Commission receives a complaint the first step is to ensure the complainant has approached the member to try and resolve it through the member’s own Internal Dispute Resolution process.

The Financial Commission’s Rules state that every member must have a complaints contact person and an Internal Dispute Resolution (IDR) Procedure in place.

The IDR Procedures require you to give a substantive response to a complaint as soon as possible but must be within 10 business days. A substantive response shall include:

  • Acknowledging the customers complaint and
  • Where appropriate offering compensation, or
  • Reject the complaint, providing a reason for the decision

If the customer has been through your IDR Procedure and is not satisfied with the outcome, they are entitled to make a formal complaint to the Financial Commission.

[/fusion_toggle][fusion_toggle title=”How exactly does the Dispute Resolution Committee work?” open=”no”]

A complaint is filed with the DRC. The DRC will verify that the proper procedures have been taken and that the client has tried to mediate the complaint with the member first. If the member and client cannot reach an agreement, the complaint will come to the DRC.

The DRC will collect information from both the member as well as the client to hear their justification for why they feel the resolution should be in their favor.

Once the DRC has collected information from both sides they will review the information provided, if they need additional information they will contact the member and or client for follow up questions.

After the DRC has reviewed everything they will issue a decision. This decision will include a description of the complaint, a detailed explanation of the findings of the DRC, as well as a final decision and resolution to the complaint.

[/fusion_toggle][fusion_toggle title=”Is the Financial Commission independent of all brokers and regulatory organizations?” open=”no”]

The decision-making process and administration of DRC are independent of its members and sectors of the industry which fall within its jurisdiction and which provide its funding.

The DRC are:

  • Entirely responsible for the handling and determination of Complaints; and
  • Are accountable only to the Financial Commission Board.

The Financial Commission Board is responsible for overseeing the operations of the DRC, for ensuring independent decision making on all complaints and for preserving the integrity and independence of the Financial Commission and of the dispute resolution processes.

To ensure that the Financial Commission is and continues to be, independent from any conflict of interest, the Board will be comprised of:

  • An independent Chairman; and
  • No DRC member brokers

The Financial Commission and the DRC are not employed by any financial brokerage or affiliated with any regulatory agency in any jurisdiction.

[/fusion_toggle][fusion_toggle title=”What if I am not satisfied with the result of a decision from the Financial Commission?” open=”no”]

If you are unsatisfied with the result, you can file an appeal with the Financial Commission. This appeal must present new information or point out any flaws in the decision making process. The appeal must be filed within 10 business days of the original ruling.

The appeal will be reviewed by the Chairman and a final decision will be handed down within 5 business days. Once the appeal is heard the decision will stand and you are required to abide by the DRC’s decision per the membership agreement.

[/fusion_toggle][fusion_toggle title=”Does the Financial Commission publish their decisions?” open=”no”]

[/fusion_toggle][fusion_toggle title=”Is there a minimum monetary value for a complaint?” open=”no”]

The Financial Commission will hear complaints of all monetary values. Any complaint that is for less than $250, it will be heard by 1 member of the DRC. Any complaint over $250, will be heard by a minimum of 3 members of the DRC.

[/fusion_toggle][fusion_toggle title=”What is the compensation fund and how does it work?” open=”no”]

The Compensation Fund is a fund that acts as an insurance policy for members’ clients. This fund will be held in a separate bank account and be only used should a member refuse to adhere to a judgment from the Financial Commission or if a member is removed from the Financial Commission without paying their outstanding judgments.

The Compensation Fund is financed by the Financial Commission through allocation of 10% of the monthly membership dues to the fund. The Compensation Fund will only cover judgments up to $20,000 per client of an A-Category Member and up to $5,000 per client of a B-Category Member.

This fund will only be used for a judgment that has been made by the Financial Commission, a member’s entire client base are not entitled to a payout from the compensation fund. In case of shortage of funds due to number of unsatisfied cases by dealer-member, current fund balance will be equally distributed among all complainants.

[/fusion_toggle][/fusion_accordion][fusion_title margin_top=”40px” margin_bottom=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” size=”3″ content_align=”left” style_type=”single dashed” sep_color=”#abccc7″]

Members FAQ

[/fusion_title][fusion_accordion boxed_mode=”” border_size=”1″ border_color=”” background_color=”” hover_color=”” divider_line=”yes” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=””][fusion_toggle title=”What is the Financial Commission? ” open=”no”]

The Financial Commission is an external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes with financial services providers that are members of the Financial Commission.

The Financial Commission set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading the Forex market.

The Financial Commission hears a wide variety of disputes of all monetary values. We give traders a voice so they feel they are treated fairly and we provide brokers a means to respond to any complaints that may have been unfairly lodged against them.

[/fusion_toggle][fusion_toggle title=”Why Should I Join the Financial Commission?” open=”no”]

Joining the Financial Commission effectively allows you to manage your risks and satisfy customers to reassure that they will be doing business in a fair and balanced environment. Membership with the Financial Commission is an opportunity to demonstrate your commitment to upholding the highest standards of commercial honor and best business practices in conducting your business.

Your clients will have access to independent, experienced, and professional staff to assist them in resolving any complaint they may have with you.

Being a member is also a cost effective means to mitigate reputational risk, such as traders complaining on forums creating negative news and feedback. By resolving the complaint through an independent and impartial committee such as the Financial Commission, you will reduce the costs associated with litigation and alleviate the stress and difficulty that process entails.

[/fusion_toggle][fusion_toggle title=”What are the objectives of the Financial Commission?” open=”no”]

The Financial Commission was established to be a neutral 3rd party committee to fairly review and resolve complaints in an effort to facilitate a simpler, swifter resolution than through industry regulators and the legal system.

[/fusion_toggle][fusion_toggle title=”Do I need to be regulated by any other entity to join the Financial Commission?” open=”no”]

[/fusion_toggle][fusion_toggle title=”How do I apply to become a member of the Financial Commission?” open=”no”]

To apply to become a member, please fill out the Financial Commission membership application. To have a copy of the application emailed to you please send an email to: [email protected]

[/fusion_toggle][fusion_toggle title=”What happens after I apply for membership?” open=”no”]

Once your application has been received, it will be processed within 21 business days. You will receive a notification from our Board of Directors and will be provided with your Membership Number. Once approved, a welcome pack will be sent to you along with your Membership Certificate.

[/fusion_toggle][fusion_toggle title=”What are the fees associated with becoming a member of the Financial Commission?” open=”no”]

  • All potential members are required to submit the Financial Commission member application form.
  • You are required to make a minimum 1 year commitment to the Financial Commission.
  • After the membership application is approved, as a new member of the Financial Commission, you are required to pay your membership fees.
    • These fees are due upon approval of your application and are payable twice per year.
    • The Financial Commission offers two types of membership to its members. To have a copy of membership terms emailed to you, please send your request to: [email protected]
  • Additional Fees
    • B- category members are allotted a limited number of complaints per month under their membership fees. If they should exceed their monthly limit of complaints, an additional complaint processing fee will be assessed.
  • Fee Payments
    • All fees must be paid by bank wire. The Commission will not accept Credit Cards, Company Checks, or Personal Checks 3rd party payments of any kind are not allowed.

[/fusion_toggle][fusion_toggle title=”What happens when a customer files a complaint with the Financial Commission?” open=”no”]

When the Financial Commission receives a complaint the first step is to ensure the complainant has approached the member to try and resolve it through the member’s own Internal Dispute Resolution process.

The Financial Commission’s Rules state that every member must have a complaints contact person and an Internal Dispute Resolution (IDR) Procedure in place.

The IDR Procedures require you to give a substantive response to a complaint as soon as possible but must be within 10 business days. A substantive response shall include:

  • Acknowledging the customers complaint and
  • Where appropriate offering compensation, or
  • Reject the complaint, providing a reason for the decision

If the customer has been through your IDR Procedure and is not satisfied with the outcome, they are entitled to make a formal complaint to the Financial Commission.

[/fusion_toggle][fusion_toggle title=”How exactly does the Dispute Resolution Committee work?” open=”no”]

A complaint is filed with the DRC. The DRC will verify that the proper procedures have been taken and that the client has tried to mediate the complaint with the member first. If the member and client cannot reach an agreement, the complaint will come to the DRC.

The DRC will collect information from both the member as well as the client to hear their justification for why they feel the resolution should be in their favor.

Once the DRC has collected information from both sides they will review the information provided, if they need additional information they will contact the member and or client for follow up questions.

After the DRC has reviewed everything they will issue a decision. This decision will include a description of the complaint, a detailed explanation of the findings of the DRC, as well as a final decision and resolution to the complaint.

[/fusion_toggle][fusion_toggle title=”Is the Financial Commission independent of all brokers and regulatory organizations?” open=”no”]

The decision-making process and administration of DRC are independent of its members and sectors of the industry which fall within its jurisdiction and which provide its funding.

The DRC are:

  • Entirely responsible for the handling and determination of Complaints; and
  • Are accountable only to the Financial Commission Board.

The Financial Commission Board is responsible for overseeing the operations of the DRC, for ensuring independent decision making on all complaints and for preserving the integrity and independence of the Financial Commission and of the dispute resolution processes.

To ensure that the Financial Commission is and continues to be, independent from any conflict of interest, the Board will be comprised of:

  • An independent Chairman; and
  • No DRC member brokers

The Financial Commission and the DRC are not employed by any financial brokerage or affiliated with any regulatory agency in any jurisdiction.

[/fusion_toggle][fusion_toggle title=”What happens if I don’t respond to a client complaint? ” open=”no”]

[/fusion_toggle][fusion_toggle title=”Am I bound by a decision from the Financial Commission? ” open=”no”]

The Financial Commission’s decision is only binding on a complainant if the complainant accepts it. If the complainant does not accept the Financial Commission’s decision, the complainant is at liberty to pursue any other remedies available to them in the courts or any another forum.

The Financial Commission’s decision is binding on its members once a complainant has accepted the decision of the Financial Commission.

The complainant will also sign a binding document stating that they will abide by the Financial Commission’s decision and should they be awarded compensation, they are not entitled to seek restitution with any other legal or regulatory body.

[/fusion_toggle][fusion_toggle title=”What if I am not satisfied with the result of a decision from the Financial Commission? ” open=”no”]

If you are unsatisfied with the result, you can file an appeal with the Financial Commission. This appeal must present new information or point out any flaws in the decision making process. The appeal must be files within 10 business days of the original ruling.

The appeal will be reviewed by the Chairman and a final decision will be handed down within 5 business days. Once the appeal is heard the decision will stand and you are required to abide by the DRC’s decision per the membership agreement.

[/fusion_toggle][fusion_toggle title=”What happens if I don’t accept a decision handed down from the Financial Commission? ” open=”no”]

If you don’t accept the decision you can appeal to the Head of the DRC with any new information which could change the outcome of the resolution or point out a flaw in the decision making process.

If you refuse to accept the decision and or comply with the judgment your status as a member of the Financial Commission will be reviewed.

[/fusion_toggle][fusion_toggle title=”What if I have an issue with the Financial Commission? ” open=”no”]

Any issues that you may have with the Financial Commission that are not related to a complaint decision may be brought to the Chairman of the Board of the Financial Commission for evaluation.

Any issues with a decision from the DRC must be appealed and handled through the Head of the DRC as previously stated.

[/fusion_toggle][fusion_toggle title=”Does the Financial Commission publish their decisions? ” open=”no”]

The complaints and decisions will be supplied to the member and the complainant. These will not be published unless the member does not comply with the judgment.

Note: The commission may from time to time publish anonymized random complaints for educational and comparative purposes, with any personal identifiable information removed.

[/fusion_toggle][fusion_toggle title=”Is there a minimum monetary value for a complaint?” open=”no”]

The Financial Commission will hear complaints of all monetary values. Any complaint that is for less than $250, it will be heard by 1 member of the DRC. Any complaint over $250, will be heard by a minimum of 3 members of the DRC.

[/fusion_toggle][fusion_toggle title=”Are there any safeguards in place to ensure a client doesn’t file complaints for all trading losses?” open=”no”]

Yes, all complaints must be first reviewed by the broker before they are submitted to the Financial Commission.

If the commission sees a pattern of abuse from one particular client, the commission will try to speak with the client and the member to figure out the root issue as to the nature of the consistent complaints.

In addition the Financial Commission reserves the right to refuse future complaints if the commission feels the client is abusing the system.

[/fusion_toggle][fusion_toggle title=”What is the compensation fund and how does it work? ” open=”no”]

The Compensation Fund is a fund that acts as an insurance policy for members’ clients. This fund will be held in a separate bank account and be only used should a member refuse to adhere to a judgment from the Financial Commission or if a member is removed from the Financial Commission without paying their outstanding judgments.

The Compensation Fund is financed by the Financial Commission through allocation of 10% of the monthly membership dues to the fund. The Compensation Fund will only cover judgments up to $20,000 per client of an A-Category Member and up to $5,000 per client of a B-Category Member.

This fund will only be used for a judgment that has been made by the Financial Commission, a member’s entire client base are not entitled to a payout from the compensation fund. In case of shortage of funds due to number of unsatisfied cases by dealer-member, current fund balance will be equally distributed among all complainants.

[/fusion_toggle][/fusion_accordion][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]