August 10th, 2017 Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, operated by FinaCom PLC, today announces that the membership status of ServiceCom LTD (MTrading) has ceased following a voluntary withdrawal.
MTrading had met its obligations as a Financial Commission member in all cases where complaints had been brought forward against the broker up until August 9th, 2017 when its membership was effectively withdrawn.
Financial Commission notes that it will not be able to process any new complaints from MTrading, following its voluntary withdrawal of membership from Financial Commission as of the date of this announcement and moving forward or until membership is approved again.
Furthermore, MTrading’s clients will not be eligible for reimbursement from Financial Commission’s compensation fund as a non-member, since the compensation fund can only be used by clients of approved members, and subject to ruling by our Dispute Resolution Committee. The compensation fund is designed to help protect members’ clients in exceptional cases and is funded by Financial Commission from a portion of membership dues.
An updated list of current and prior members can be found on FinancialCommission.org, including members that have either been expelled, suspended, or withdrawn voluntarily.
Financial Commission is a leading independent self-regulatory organization whose members include online brokerages and exchanges, across Forex, CFDs, derivative 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.
Financial Commission requires that member firms strictly adhere to membership rules to maintain good standing on an ongoing basis. To learn more about our membership requirements and certification process, contact us or visit https://xcv.financialcommission.org