November 8th 2021, The Financial Commission today announces increases in amounts awarded to traders, as well as amounts sought from member brokers in October 2021 as part of its monthly Complaints Digest. The organization also experienced a significant improvement in already swift average dispute resolution times, with a 6.8 days average for the month.
Key monthly highlights for October 2021:
- New monthly complaints steady at 310
- Resolved complaints fell to 293 or 8% MoM
- Compensation sought by traders fell 63% to $1,021,364
- Compensation awarded to traders increased to $32,852
- Complaints ruled in favour of traders rose 39%
- Average resolution time improved to 6.8 days
Month Over Month Comparison
- The Commission experienced a slight drop in newly filed complaints for October with 310 complaints filed
- The amount of compensation sought by traders dropped significantly in October to $1,021,364 or 63% MoM
- The total amount awarded to traders increased 18% to $32,852
- The average value of complaints filed in October was 63% lower than September at $3,295
- Complaints in October were resolved in 6.8 days on average, evidencing a 28% improvement month over month
Demand for retail trading and investing looks to be continuing judging by several key metrics of the Financial Commission for October 2021. Steady numbers for filed and resolved complaints suggest traders are continuing to try and take advantage of market opportunities with the Dispute Resolution Committee (DRC) continuing to process a larger number of complaints than in the summer months. The DRC was able to award a larger amount of compensation to traders than in the previous month while experiencing a jump in the amounts sought by traders from broker members in October. At the same time, over 23% of all new complaints filed with the DRC in October 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 8% fewer complaints than in September with some complaint investigations and decisions carrying over into November, while improving 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].