March 29th, 2023, The Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, announces a public warning against a clone website (https://thefinancialcommission.io/) that mimics The Financial Commission in an attempt to defraud Forex traders.
Recently, The Financial Commission came in possession of information indicating that the aforementioned clone website copied information and membership details from official The Financial Commission’s website purporting to offer fictitious services in what appears to be an attempt to deceive traders by falsely claiming the status of several Forex brokers, including GANNMarkets and Lotas Capital, as active members in The Financial Commission.
Both GANNMarkets and Lotas Capital have not been members of The Financial Commission since 2022 and were placed on the The Financial Commission’s Warning List.
The Financial Commission took immediate steps to block the clone website and filed a claim with the domain registrar to take ownership of the all-too-similar domain address to ensure that traders are always accessing official materials of The Financial Commission. The Financial Commission anticipates taking further actions against GANNMArkets and Lotas Capital, including reporting to law-enforcement authorities and initiation of legal proceedings against them and the clone website owners, in order to protect against and prevent all future fraudulent activities against its the traders.
The Financial Commission reminds traders and the public that they can submit information regarding possible clone or fraudulent websites of brokers and purported dispute resolution services to [email protected] for further investigation by The Financial Commission to root out scams and protect the trading community.
About The Financial Commission
The Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who cannot resolve disputes directly with their financial services providers that are members of The Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise during trading electronic markets such as Foreign Exchange. Then it expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
March 20th, 2023, The Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, today warns the public regarding the company CLOUDFUT, which purported to present itself to the public as be an approved member of the organization on its affiliated websitesThe Financial Commission.
Upon reviewing information submitted by concerned traders, The Financial Commission determined that the indicated company has never been a member of the organization and that the associated website associated with CLOUDFUT is likely to be used to scam and defraud traders. Accordingly, on February 27, 2023, The Financial Commission placed CLOUDFUT on the organization’s Warning List on February 27, 2023, and issued a public notice in this regard.
The Financial Commission once again urges traders and investors to avoid investing in or sending funds to this company CLOUDFUT, as such funds will not be protected in any way by The Financial Commission’s compensation fund, and the organization we cannot provide our dispute resolution services to such traders. Furthermore, traders using Cloudfut are not eligible for the organization’s Compensation Fund, which only covers instances of dispute resolutions with approved broker members of the Financial Commission.
Traders who have already invested in or deposited funds with CLOUDFUT are advised should immediately notify immediately their local financial regulator or law enforcement agency of any concerns regarding the safety or withdrawal of their funds.
About The Financial Commission
The Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who cannot resolve disputes directly with their financial services providers that are members of The Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise during trading electronic markets such as Foreign Exchange. Then it expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
For more information, please get in touch with us at [email protected].
March 9th, 2023, Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, announces today that it has reinstated the membership of Bold Prime following the correction of previous failures to comply with the Financial Commission’s Rules & Guidelines.
Bold Prime’s renewed status as an Approved Broker-Member of the Financial Commission took effect on March 9th, 2023, after Bold Prime provided satisfactory evidence and confirmation that it had complied with all Financial Commission’s requests and remedied all shortcomings previously identified by the Financial Commission, thus allowing the company and its customers renewed access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
Bold Prime rejoins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
The Financial Commission provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes.
For approved members and their clients participating in CFDs, foreign exchange (forex), and cryptocurrency markets, the Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
About Bold Prime
Founded in 2020, Bold Prime is growing to become one of the leading MT4 CFD service providers in the Global Forex Industry by giving traders the best of Retail and Institutional Trading. From a vast aggregation of liquidity to unparalleled performance, Bold Prime offers spreads from 0.0* and Account Plans for traders who are looking for advantages of choice, profits & convenience. Bold Prime provides premium trading experiences through impeccable customer service that is supported with industry leading trading technology, enabling Bold Prime to challenge traditional trading barriers and provides traders a gateway into the future of trading.
For more information about Bold Prime, contact them directly.
About Financial Commission
Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
For more information please contact us at [email protected].
January 25th, 2023, The Financial Commission today announces the results of its operations for the previous year with the publication of the 2022 Complaints Summary. The organization achieved record annual growth in key metrics, including new complaints filed and resolved during the year, while achieving an all-time record for quickest and efficient average dispute resolution time since 2013. The organization also continued to bring on new broker members in key regions during a year of rising market volatility and geopolitical uncertainty.
New records set in 2022
Other key metrics & accomplishments in 2022
Annual Complaints Summary
Key Takeaways
Conclusions
The Financial Commission improved its already quick and efficient dispute resolution services to traders and broker members in 2022. New global market price volatility and geopolitical uncertainty provided for a renewed interest in online trading, leading to a record amount of new complaints for the organization, as well as improved operational metrics.
The organization further expanded its membership ranks with large, internationally recognized brokers, as well as new members in the Asia region. The organization’s free dispute resolution service to traders gained popularity in Asia, Latin America and Europe with new complaints from these regions growing 47%, 38% and 30% respectively, while complaints from the Middle East grew moderately at 15% in 2022. The Financial Commission also saw a continued decrease of 38% in complaints from Russia and former Soviet republics, as local market restrictions remained in place.
The majority of complaints in 2022 were related to non-trading issues with 58% of the total, while financial related disputes accounted for 29% and trading related complaints 13%. The most popular topics for complaints dealt with account blocking (29%), funds withdrawal (19%), price check (14%), non-market quotes (7%) and stop-out orders (6%). Of all resolved complaints, 42% were resolved “in favor of the broker” and 16% resolved “in favor of the client”, while 52% were found to be outside the organization’s jurisdiction.
Heading into 2023, the Financial Commission expects to see healthy global demand for trading and investing, particularly among younger traders, with fiscal and geopolitical risks impacting the prices of commodities, equities and digital assets through the year. In this regard the organization is prepared to handle a further growth in the number of new complaints from traders during the year.
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].
January 25th, 2023, The Financial Commission today announces the results of its operations for the previous year with the publication of the 2022 Complaints Summary. The organization achieved record annual growth in key metrics, including new complaints filed and resolved during the year, while achieving an all-time record for quickest and efficient average dispute resolution time since 2013. The organization also continued to bring on new broker members in key regions during a year of rising market volatility and geopolitical uncertainty.
New records set in 2022
Other key metrics & accomplishments in 2022
Annual Complaints Summary
Key Takeaways
Conclusions
The Financial Commission improved its already quick and efficient dispute resolution services to traders and broker members in 2022. New global market price volatility and geopolitical uncertainty provided for a renewed interest in online trading, leading to a record amount of new complaints for the organization, as well as improved operational metrics.
The organization further expanded its membership ranks with large, internationally recognized brokers, as well as new members in the Asia region. The organization’s free dispute resolution service to traders gained popularity in Asia, Latin America and Europe with new complaints from these regions growing 47%, 38% and 30% respectively, while complaints from the Middle East grew moderately at 15% in 2022. The Financial Commission also saw a continued decrease of 38% in complaints from Russia and former Soviet republics, as local market restrictions remained in place.
The majority of complaints in 2022 were related to non-trading issues with 58% of the total, while financial related disputes accounted for 29% and trading related complaints 13%. The most popular topics for complaints dealt with account blocking (29%), funds withdrawal (19%), price check (14%), non-market quotes (7%) and stop-out orders (6%). Of all resolved complaints, 42% were resolved “in favor of the broker” and 16% resolved “in favor of the client”, while 52% were found to be outside the organization’s jurisdiction.
Heading into 2023, the Financial Commission expects to see healthy global demand for trading and investing, particularly among younger traders, with fiscal and geopolitical risks impacting the prices of commodities, equities and digital assets through the year. In this regard the organization is prepared to handle a further growth in the number of new complaints from traders during the year.
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].
January 18th, 2023, The Financial Commission today announces Baxia Markets as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
Baxia status as an Approved Broker Members of the Financial Commission took effect on January 18th, 2022, following the approval of its membership application by the Financial Commission, thus allowing the companies and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
The Financial Commission provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes.
For approved members and their clients participating in CFDs, foreign exchange (forex), and cryptocurrency markets, the Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
Baxia Markets joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
About Baxia
Baxia Markets, a Metatrader ECN broker founded in 2020, gives traders access to deep institutional liquidity from matching engines located in NY4 and LD4. With the BX Standard or the BX Zero account, traders can execute trades in Forex, Metals, Energy, Indices, Shares and Cryptocurrencies. Baxia Markets is one of the first global brokers to extend coverage on FX liquidity during the weekend with a full range of support services offered 24/7 making it the preferred partner for traders and institutional partners. Baxia Markets is registered and regulated by the FSA of Seychelles and SCB of Bahamas with client funds held in segregated bank accounts ensuring regulatory protection to client assets.
For more information about Baxia Markets, contact them directly.
About Financial Commission
Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
For more information please contact us at [email protected].
January 16th 2023, The Financial Commission today announces increases in several key metrics, including amounts sought from broker members and average complaint values, as well as rise in trading-related complaints as part of its quarterly Complaints Digest. The organization experienced a slowdown in new and resolved complaints, amounts sought from non-member brokers and complaints ruled in favor of traders in the 4th quarter of the year.
Key highlights for 4Q vs. 3Q 2022:
Quarter Over Quarter Comparison
Key Takeaways
Conclusions
Range bound forex and derivatives prices, as well as winter holidays impacted several key metrics of the Financial Commission in the final quarter of 2022. Slowdowns in filed and resolved complaints, as well as compensation sought suggest traders may be finding less opportunities on traditional markets in light of range bound price fluctuations or simply forwent trading at the end of the year. In 4Q 2022 the organization also experienced a drop in most amounts sought metrics, except those attributed to members. There was a noticeable change in the complaints topics for the period, with trading-related complaints rising 5% month-over-month despite the general drop in new complaints for the quarter. Complaints listed in the value category $1-10K and $10K+ increased their overall share of complaints 5%, highlighting the continued importance of the organization to investigate complaints with higher monetary values. During the quarter, the Dispute Resolution Committee (DRC) managed to accumulate less complaint investigations carrying over into the New Year, as compared to 3Q, while experiencing a rise in already exceptional 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]
December 19, 2022, The Financial Commission today announces ThreeTrader as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
ThreeTrader status as an Approved Broker Members of the Financial Commission took effect on December 19, 2022, following the approval of its membership application by the Financial Commission, thus allowing the companies and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
The Financial Commission provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes.
For approved members and their clients participating in CFDs, foreign exchange (forex), and cryptocurrency markets, the Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
ThreeTrader joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
About ThreeTrader
ThreeTrader is an offshore foreign exchange trading (FOREX) brokerage firm, incorporated and regulated in Vanuatu. ThreeTrader has based it’s operations offshore in Vanuatu to allow clients to access higher leverage as well as the protections regulation and financial stability. Due to Vanuatu’s highly regulated financial sector and long term track record, it is held in high regard by professional traders and investors around the world.
For more information about ThreeTrader, contact them directly.
About Financial Commission
Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
For more information please contact us at [email protected].
October 7th, 2022, The Financial Commission today announces Vantage as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
Vantage status as an Approved Broker Members of the Financial Commission took effect on October 3d, 2022, following the approval of its membership application by the Financial Commission, thus allowing the companies and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
The Financial Commission provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes.
For approved members and their clients participating in CFDs, foreign exchange (forex), and cryptocurrency markets, the Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
Vantage joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
About Vantage
Vantage is a global, multi-asset broker offering clients access to a nimble and powerful service for trading CFDs on Forex, Commodities, Indices, Shares, and Cryptocurrencies. With more than 10 years of market experience and headquartered in Sydney, Vantage now has over 1,000 employees/personnel across more than 30 global offices. Vantage is more than a broker. It provides a trusted trading ecosystem, an award-winning mobile trading app, and a faster and simpler trading platform that enables clients to take advantage of trading opportunities.
For more information about Vantage, contact them directly.
About Financial Commission
Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
For more information please contact us at [email protected].
October 4th 2022, The Financial Commission today announces increases in several key metrics, including amounts sought and awarded to traders, as well as improved dispute resolution times as part of its quarterly Complaints Digest. The organization experienced a rise in new and resolved complaints, amounts sought from non-member brokers, average complaint values and complaints ruled in favor of traders in the 3rd quarter of the year.
Key highlights for 3Q vs. 2Q 2022:
Quarter Over Quarter Comparison
Key Takeaways
Conclusions
Renewed focus on forex and derivatives trading following weak cryptocurrency prices among investors impacted several key metrics of the Financial Commission in the third quarter of 2022. Renewed growth in filed and resolved complaints, as well as compensation sought suggest traders may be taking advantage of price volatility on traditional markets in light of the negative impact to such asset classes as digital currencies. In 3Q 2022 the organization also experienced growth of all amounts sought metrics, including total amounts sought and those only attributed to members and non-members. There was a significant change in the complaints topics for the period, with financial complaints rising 54% and non-trading complaints falling by 13% of all new complaints for the period. Complaints listed in the value category $1-10K jumped 25%, highlighting the continued importance of the organization to investigate complaints with higher monetary values. During the quarter, the Dispute Resolution Committee (DRC) accumulated more complaint investigations carrying over into 4Q 2022 due to the complex nature of the dispute subjects, while nonetheless improving already exceptional 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]
September 9th, 2022, Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry today announces that it has expelled Fiber Markets from membership in the organization 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 agree to comply with Financial Commission rules as one of the many prerequisites for initial membership approval and to maintain good standing.
Effective September 7th, 2022, Fiber Markets was expelled from membership with the Financial Commission due to repeated violations of the membership Rules and Guidelines specific to the payment of membership dues.
Furthermore, Fiber Markets 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 Financial Commission notes that it will not be able to process any new complaints from Fiber Markets clients’, following its expulsion from the Financial Commission as of the date of this announcement and moving forward.
As Financial Commission is an industry-supported self-regulatory organization (SRO) our enforcement of member compliance is reflected entirely within our membership standings where a firm’s integrity and adherence to rules must be strictly upheld in order for membership to be maintained.
For more information about Financial Commission membership requirements, please contact us or visit www.FinancialCommission.org.
August 22, 2022, The Financial Commission today announces Fullerton Markets as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
Fullerton Markets status as an Approved Broker Members of the Financial Commission took effect on August 22, 2022, following the approval of its membership application by the Financial Commission, thus allowing the companies and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
The Financial Commission provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes.
For approved members and their clients participating in CFDs, foreign exchange (forex), and cryptocurrency markets, the Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
Fullerton Markets joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
About Fullerton Markets
At Fullerton Markets, we like to let our work speak for itself. Since our inception in 2016, we’ve envisioned ourselves as being a disruptive force in the trading industry. And we’ve done just that – building a company that prides itself on fund safety, quick execution, and a system of wealth creation.
For more information about Fullerton Markets, contact them directly.
About Financial Commission
Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
For more information please contact us at [email protected].
August 17th, 2022, The Financial Commission today announces Bold Prime as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
Bold Prime status as an Approved Broker Members of the Financial Commission took effect on August 17th, 2022, following the approval of its membership application by the Financial Commission, thus allowing the companies and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
The Financial Commission provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes.
For approved members and their clients participating in CFDs, foreign exchange (forex), and cryptocurrency markets, the Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
Bold Prime joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
About Bold Prime
Founded in 2020, Bold Prime is growing to become one of the leading MT4 CFD service providers in the Global Forex Industry by giving traders the best of Retail and Institutional Trading. From a vast aggregation of liquidity to unparalleled performance, Bold Prime offers spreads from 0.0* and Account Plans for traders who are looking for advantages of choice, profits & convenience. Bold Prime provides premium trading experiences through impeccable customer service that is supported with industry leading trading technology, enabling Bold Prime to challenge traditional trading barriers and provides traders a gateway into the future of trading.
For more information about Bold Prime, contact them directly.
About Financial Commission
Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
For more information please contact us at [email protected].
August 11th, 2022, Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry today announces that it has expelled LordFX from membership in the organization 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 agree to comply with Financial Commission rules as one of the many prerequisites for initial membership approval and to maintain good standing.
LordFX Expelled
Effective August 10th, 2022, LordFX was expelled from membership with the Financial Commission due to repeated violations of the membership Rules and Guidelines specific to the payment of membership dues.
Furthermore, LordFX 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 Financial Commission notes that it will not be able to process any new complaints from LordFX clients’, following its expulsion from the Financial Commission as of the date of this announcement and moving forward.
As Financial Commission is an industry-supported self-regulatory organization (SRO) our enforcement of member compliance is reflected entirely within our membership standings where a firm’s integrity and adherence to rules must be strictly upheld in order for membership to be maintained.
For more information about Financial Commission membership requirements, please contact us or visit www.FinancialCommission.org.
July 27th, 2022, The Financial Commission today announces its operating metrics for the first half of 2022 as part of its ongoing Complaints Digest publications highlighting the organization’s performance. Continued interest in trading among investors has led to a steady rise in some key metrics of the dispute resolution service of the organization, while average dispute resolution times continued to improve. The organization also added 6 new broker members and certified one platform provider during this period.
Key Half Year Highlights (as compared to 2H 2021):
A Detailed Summary
Key Takeaways for 1H 2022
Conclusions
The Financial Commission continues to effectively resolve traders’ disputes and public inquiries during continued market volatility around the world, with total resolved complaints for the 1st half of 2022 being 6% higher than 2H 2021. The drop in average complaints values and changes in the complaints value categories suggest that many new investors have entered the market on the heels of significant equity and crypto market growth that occurred in the later stages of 2021.
The Dispute Resolution Committee witnessed a rise in compensation sought from member brokers of 26%, indicating the rise in demand for trading services among Financial Commission members, while also experiencing a drop of 66% in compensation sought from non-members, suggesting that warnings and notices issued regularly by the Financial Commission and financial regulators worldwide may be deterring investors from becoming victims of untrustworthy companies and exchanges.
The continued effectiveness of the dispute resolution service is also highlighted by the 12% rise in member complaints for the half year. “Non-trading related” complaints continue to grow with a 5% uptick to 1112 in this time period, highlighting the broad scope of issues experienced by traders today. The highest trending complaints topics included account blocking, withdrawal of funds and price check requests further highlighting the continued interest in trading FX and CFD markets by traders of all experience levels.
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]
The Financial