December 8th 2021, The Financial Commission today announces increases in amounts sought from brokers, average values of complaints, as well as total resolved complaints for November 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 days average for the month.
Key monthly highlights for November 2021:
- New monthly complaints decreased to 266
- Resolved complaints rose 2% MoM
- Compensation sought by traders grew by 40% to $1,434,144
- Compensation awarded to traders decreased to $24,040
- Average complaint values increased 64%
- Average resolution time improved to 6.0 days
Month Over Month Comparison
- The Commission experienced a slight drop in newly filed complaints for November with 266
- The amount of compensation sought by traders rose substantially in November to $1,424,144 or 40% MoM
- The total amount awarded to traders decreased 27% to $24,040
- The average value of complaints filed in November was 64% higher than October at $5,392
- Complaints in November were resolved in 6 days on average, evidencing a 12% improvement month over month
Demand for retail trading continues to impact several key metrics of the Financial Commission for November 2021. Relatively lower numbers for newly filed complaints and increases in resolved complaints suggest traders are continuing to try and take advantage of market opportunities with the Dispute Resolution Committee (DRC) continuing to process a significant amount of complaints in the last quarter of the year. The DRC was able to award a smaller amount of compensation to traders than in the previous month while experiencing a jump in the amounts sought by traders from broker members in November. At the same time, over 22% of all new complaints filed with the DRC in November 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 2% more complaints than in October 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
The Financial Commission has conducted dispute resolution services specifically for FX and CFD traders and broker member firms since 2013 as an independent, non-governmental self-regulatory organization and external dispute resolution (EDR) forum. For more information, click here or email us at [email protected].