August 11th 2021, The Financial Commission today announces increases in newly filed complaints, resolved complaints, as well as amounts sought by traders for July 2021 as part of its monthly Complaints Digest. The organization also experienced a noticeable improvement in already swift average dispute resolution times, with a 6.5 days average for the month.
Key monthly highlights for July 2021:
- New monthly complaints up 14% to 225
- Resolved complaints increased to 155 or 58% MoM
- Compensation sought by traders rose 10% to $979,699
- Compensation awarded to traders fell to $13,163
- Non-trading related complaints increased by 35%
- Average resolution time improved to 6.5 days
Month Over Month Comparison
- The Commission experienced another uptick in newly filed complaints for July with 225 complaints filed
- The amount of compensation sought by traders increased in July to $979,699 or 10% MoM
- The total amount awarded to traders decreased to $13,163
- The average value of complaints filed in July was 6% higher than June at $4,755
- Complaints in July were resolved in 6.5 days on average, evidencing a 33% improvement month over month
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 for July 2021. Increases in new filed and resolved complaints amounts sought, as well as average complaint values, suggest traders are continuing to try and take advantage of market opportunities. At the same time, non-trading complaints rose 35% during the month, indicating that traders may be having issues with such things as bonuses or brokerage terms and conditions. Roughly 23% of all new complaints filed with the Dispute Resolution Committee (DRC) in July 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 58% more complaints than in June, with average resolution times improving 33% to a still manageable 6.5 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].