January 13th, 2022, Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry today announces the membership status of Lotas Capital has ceased following a breach of contractual obligations.
In order to maintain membership with the Financial Commission, member firms must strictly adhere to membership rules and all members agreed to comply with Financial Commission rules as one of the many prerequisites for initial membership approval and to maintain good standing.
Lotas Capital Expelled
Lotas Capital had not met its contractual obligations as a Financial Commission member and was expelled starting from December 31st, 2021 when the company’s membership was ceased.
Furthermore, Lotas Capital clients will not be eligible for reimbursement from the Financial Commission’s compensation fund as a non-member, since the compensation fund can only be used by clients of approved members, and is subject to the ruling by our Dispute Resolution Committee. The compensation fund is designed to help protect members’ clients in exceptional cases and is funded by the Financial Commission from a portion of membership dues. Financial Commission notes that it will not be able to process any new complaints from Lotas Capitalclients’, following its expulsion from the Financial Commission as of the date of this announcement and moving forward.
An updated list of current and prior members can be found on FinancialCommission.org, including members that have been expelled.
Financial Commission is a leading independent self-regulatory organization whose members include online brokerages and exchanges, across Forex, CFDs, derivatives and cryptocurrency markets, as well as certified providers and developers of trading platform technology used by members and their end clients who are retail traders and investors.
For more information about Financial Commission membership requirements, please contact us or visit www.FinancialCommission.org.