The FinancialJanuary 10th, 2018, Financial Commission, a leading external dispute resolution (EDR) organization, operated by FinaCom PLC, today announced important updates to its Membership Agreement, Membership Rules and Guidelines and policies that are effective January 10th, 2018.
Updates to Membership Rules and Guidelines
Effective January 10th, 2018, FinaCom PLC will quote rates for its services and accept membership dues and any other fees in Euro (€) currency only. Payment of membership dues and any other fees per Clause 3.8 of the updated Membership Rules and Guidelines is required to be paid within 10 business days of receiving a notice for payment from Financial Commission. Any payments received after 10 business days will incur a late payment fee of €50/day.
Updates to Membership Agreement
Per Clause 6.1 of the Membership Agreement, the Financial Commission has made the following changes to the Agreement.
Membership fees
Membership fees will now be quoted in Euro (€) currency only. The below-listed rates are effective January 10th, 2018.
Excess complaints
Category B members will be allowed for 2 (two) free complaints per month. Following January 10th, 2018, excess complaints will cost €300 per complaint. Category A members will continue to receive an unlimited number of free complaints.
| Type of Membership | ||
| Category A | Category B | |
| Semiannual fees* | €12,000 | €6,900 |
| Free complaints per month FX, CFD & BO | Unlimited | 2 |
| Exceeding complaint fee (per complaint)** | N/A | €300 |
* Membership fees are paid semi-annually in advance for each six-month period in Euro (€). The first semi-annual payment of the membership fees is due upon approval of your application. Payments must be received within 10 business days of the date of the relevant invoice. Any payments made after 10 business days of receiving notice will be assessed a €50 late payment fee for every business day that a payment is overdue.
** Exceeding complaint costs are paid monthly in arrears for each month and are calculated by multiplying the number of complaints heard in excess of the number of the free complaints by €300. If the total number of complaints exceeds 150 within a calendar year, the Financial Commission reserves a right to amend its fees for exceeding complaints.
If you have any questions on the changes to Financial Commission Membership Agreement and Member Rules and Guidelines, please contact us directly.