January 17, 2022, The Financial Commission today announces the results of its operations for the previous year with the publication of the 2021 Complaints Summary. The organization achieved record annual growth in key metrics, as well as continued membership expansion during another challenging year impacted by the Covid-19 pandemic while maintaining a quick and efficient average dispute resolution time.

New records set in 2021

Other key metrics & accomplishments in 2021

Annual Complaints Summary

 

Key Takeaways

Conclusions

The Financial Commission continued to provide quick and efficient dispute resolution services to traders and broker members in 2021 despite continued global disruptions related to Covid-19. Continued demand from retail traders and new investors provided for a record amount of new complaints for the organization and led to new records in operational metrics. 

The organization further expanded its membership ranks with large, internationally recognized brokers, as well as new members in the Middle East 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 98%, 87% and 20% respectively, while complaints from the Middle East grew substantially by 357% in 2021. The Financial Commission also saw a continued decrease of 47% in complaints from Russia and former Soviet republics, as local market restrictions continued to impede the normal online trading operations FX and CFD traders had come to expect in the past. 

The majority of complaints in 2021 were related to non-trading issues with 58% of the total, while financial related disputes accounted for 23% and trading related complaints 19%. The most popular topics for complaints dealt with account blocking (32%), funds withdrawal (17%), price check (13%), non-market quotes (8%) and stop-out orders (6%). Of all resolved complaints, 59% were resolved “in favour of the broker” and 10% resolved “in favour of the client”, while 30% were found to be outside the organization’s jurisdiction. 

Heading into 2022, the Financial Commission expects to see global demand for trading and investing services continue to rise, particularly among younger generations of trades, with opportunities for volatility in prices of financial products, including commodities, energies and equities as a result of changes in fiscal economic policies and impacts from the ongoing Covid-19 pandemic.  In this regard, the organization is prepared to handle a growing number of new complaints from traders in the New 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 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.

January 10th 2022, The Financial Commission today announces increases in amounts sought from brokers and average values of complaints in the last month of the year as part of its monthly Complaints Digest. The organization also experienced a continued improvement in already swift average dispute resolution times, with a 5.3 days average for the month.

Key monthly highlights for December 2021:

Month Over Month Comparison

Key Takeaways

Conclusions

The Financial Commission Dispute Resolution Committee (DRC) did not experience a shortage of complaints heading into the end of 2021 as retail traders continued to find trading opportunities in global markets. The DRC continued to process a significant amount of complaints that grew steadily over the previous months. The DRC was able to award a smaller amount of compensation to traders than in the previous month while experiencing a significant jump in the amounts sought by traders from non-member brokers in December.  Roughly 16% of new complaints filed with the DRC in December were valued between $1,000-$10K+, highlighting the continued importance of the organization to investigate complaints with a significant monetary value. 

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 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:

Month Over Month Comparison

Key Takeaways

Conclusions

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

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].

November 25, 2021, following meetings at the IFX EXPO International in Limassol, Cyprus, and ongoing negotiations, the Financial Commission today announces IC Markets as its newest approved Member. IC Markets becomes the latest online brokerage to join the ranks of the self-regulatory organization. The approval highlights the increased interest and demand for independent external dispute resolution (EDR) services among the industry’s leading FX industry participants.

IC Markets status as an Approved Broker Members of the Financial Commission took effect on November 24th 2021, following the approval of its membership application by the Financial Commission. The membership allows the brokerage 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 client, 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.

IC Markets joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission and as part of their commitment to their clients while upholding membership requirements.

About IC Markets

Built by traders for traders, IC Markets is one of the world’s largest Forex CFD broker dedicated to offering ultra-tight variable spreads, phenomenal order execution speeds, unrivalled liquidity and exceptional 24/7 service clients around the world. Since our launch in 2007, IC Markets has bridged the gap between retail and institutional clients, by offering a trading solution previously only available to investment banks and high net worth individuals.

For more information, please contact IC Markets directly: [email protected]

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].

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:

Month Over Month Comparison

Key Takeaways

Conclusions

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].

October 18th 2021, The Financial Commission today announces increases in newly filed complaints, resolved complaints, as well as amounts sought by traders and average complaints values for September 2021 as part of its monthly Complaints Digest. The organization also experienced a slight slowdown in already swift average dispute resolution times, with 9.4 days average for the month.

Key monthly highlights for September 2021:

Month Over Month Comparison

Key Takeaways

Conclusions

Demand for retail trading and investing looks to have picked up following the summer months as highlighted by the growth of several key metrics of the Financial Commission for September 2021. Increases in new 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 previous months. The DRC was able to award a smaller amount of compensation to traders in the previous month while experiencing a significant jump in the amount sought in all submitted complaints.  At the same time, over 23% of all new complaints filed with the DRC in September 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 33% more complaints than in August with continued operating efficiencies, while the rise in newly filed complaints led to an uptick in 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 30th, 2021: The Financial Commission today announces that the membership status of 4xCube has ceased following a voluntary withdrawal.

4xCube had met its obligations as a Financial Commission member up until September 30th, 2021, when its membership was effectively withdrawn.

Financial Commission notes that it will not be able to process any new complaints from 4xCube, following its voluntary withdrawal of membership from the Financial Commission as of September 30th, 2021, and moving forward or until membership is approved again.

Furthermore, 4xCube 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 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.

An updated list of current and prior members can be found on FinancialCommission.org, including members that have either been expelled or withdrawn voluntarily.

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.

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://financialcommission.org

September 14th 2021, The Financial Commission today announces increases in newly filed complaints, resolved complaints, as well as amounts awarded to traders for August 2021 as part of its monthly Complaints Digest. The organization also experienced a slight slowdown in already swift average dispute resolution times, with 7.6 days average for the month.

Key monthly highlights for August 2021:

Month Over Month Comparison

Key Takeaways

Conclusions

Trades continued to rely on external dispute resolution services (EDR) in the late summer as highlighted by the growth of several key metrics of the Financial Commission for August 2021. Increases in new 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 large number of complaints. The DRC was able to award a significantly larger amount of compensation to traders in August despite a lower total amount sought in all submitted complaints.  At the same time, a little over 22% of all new complaints filed with the DRC in August 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 55% more complaints than in July with additional operational resources, while the complexity of cases and communication times led to an uptick in 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 08, 2021, The Financial Commission today announces execution certification for Fiber Markets, an approved member of the Commission using Verify My Trade, a “value-added” service launched several years ago to promote pricing and execution transparency in the Forex market.

Verified order execution quality

Following the launch of order execution verification with Verify My Trade (VMT) in September of 2018, Financial Commission broker members continue to apply for certification of their order execution quality as a step to increase transparency regarding execution speed and pricing.

Today,  Fiber Markets becomes the latest Financial Commission member to have successfully completed the VMT certification, having satisfied all execution quality standards set out for all members of the Commission. Trades can now view the execution audit results for Fiber Markets directly on our website, by clicking here.

Check your broker’s status

All interested parties can now view the execution audit results for members of the Financial Commission using VMT certifications by visiting our Members page or the profile pages of brokers listed in our Members section. Certified brokers will be highlighted with a unique badge as displayed below.

By clicking on the badge users will navigate to a dedicated webpage for each broker that will indicate the last time an audit was performed, how many orders were analyzed, and whether the results satisfied the order execution standards established by VMT.

If you are interested in using the VMT service or would like more information, please reach out to us at [email protected].

About the 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.

August 30, 2021, The Financial Commission today announces Fiber 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.

Fiber Markets status as an Approved Broker Members of the Financial Commission took effect on August 30, 2021, 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.

Fiber Markets joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission and as part of their commitment to their clients while upholding membership requirements.

About Fiber Markets

Fiber Markets provides traders access to a platform for buying and selling foreign currencies, Metals, Commodities, CFD’s, and synthetic products. Direct liquidity access over aggregation engine and different account types. Fiber Markets offers a service above world standards. We offer more than 140 products and account options tailored to each trader’s needs.

For more information about Fiber 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 8th, 2021 – The Financial Commission, a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages that participate in global foreign exchange (forex), CFDs, derivatives, and cryptocurrency markets, today announces Samtrade Academy as a certified educational provider

The Financial Commission conducted a thorough review of the educational content Samtrade Academy offers helping to ensure that users who receive such content have access to accurate educational materials.

Samtrade Academy demonstrated compliance to a set of standards that the Financial Commission requires to meet as part of the certification process. Samtrade Academy is now listed on Financial Commission’s official website as a certified education provider.

About Samtrade Academy

Samtrade Academy is a leading education organiser with hundreds of events and courses in business, entrepreneurship, tech, personal finance and lifestyle.

Samtrade Academy partners with industry experts from all around the world to provide you with practical programs which you can put into action immediately.

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 12,  2021, The Financial Commission today announces a partnership with Your Boursea unique and leading Platform-as-a-Service fintech provider for the retail brokerage and institutional marketplace looking to optimise their trading experience and results. With this new partnership, The Financial Commission opens up a new benefit for members when they sign up with Your Bourse. 

With the aim to help clients and brokers to be more profitable and prudent, The Financial Commission will offer the benefit of volume fees credits for up to 3 months* with Your Bourse Platform-as-a-Service. 

At the core of the Your Bourse service is the Liquidity Manager, Matching Engine and MT4/5 Bridge offering brokers a seamless way to route orders and pricing, conduct real-time risk management and client reporting. 

The Your Bourse service also offers brokers with individual services:

Commenting on the recent partnership, Andrey Vedikhin, Founder and CEO/CTO Your Bourse, said, “We are delighted to have partnered with The Financial Commission to enable members to benefit from Your Bourse solution and leverage our technology to drive profitability and minimize risk.”

Peter Tatarnikov, Board Member of The Financial Commission, added “our organization is always looking for new ways to help our broker members improve their operations and trading experience for customers. Our partnership with Your Bourse is yet another example of such commitment and will enable our members to utilize new technologies in managing risk and driving revenue.”

About Your Bourse

Your Bourse is a London-based company founded by Andrey Vedikhin. Your Bourse provides a Platform-as-a-Service solution for FX, CFD and crypto liquidity management, data analytics, reporting and risk management solutions to the retail brokerage and institutional marketplace. The flexible and competitive pricing policy and bespoke packages allow companies of all sizes and capacities to safely benefit from Your Bourse tools. Brokers also get access to liquidity from leading liquidity providers, hosting services in Equinix data centres and lightning-fast execution through MT4/MT5 bridges.

For further information on Your Bourse or to schedule a demo, please visit https://www.yourbourse.com/

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].

*The Your Bourse service is provided with a credit of volume fees for 3 calendar months to broker members of the Financial Commission who are in good standing with the Commission per the Commission’s Rules and Guidelines.

August 11th 2021, The Financial Commission today announces increases in newly filed complaints, resolved complaints, as well as amounts sought by traders for July 2021 as part of its monthly Complaints Digest. The organization also experienced a noticeable improvement in already swift average dispute resolution times, with a 6.5 days average for the month.

Key monthly highlights for July 2021:

Month Over Month Comparison

Key Takeaways

Conclusions

Interest in trading global markets has continued to support demand for external dispute resolution services (EDR), as highlighted by the growth of several key metrics of the Financial Commission for July 2021. Increases in new filed and resolved complaints amounts sought, as well as average complaint values, suggest traders are continuing to try and take advantage of market opportunities. At the same time, non-trading complaints rose 35% during the month, indicating that traders may be having issues with such things as bonuses or brokerage terms and conditions.  Roughly 23% of all new complaints filed with the Dispute Resolution Committee (DRC) in July 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 58% more complaints than in June, with average resolution times improving 33% to a still manageable 6.5 days. 

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].

July 27th,  2021, The Financial Commission today announces a partnership with Finwizard – a new HR consulting service specific to the online brokerage industry to help broker members find the right candidates for their hiring needs.  The new Value-added service allows Financial Commission broker members to enjoy 50% off any fees for the first successful hire using Finwizard*!

       

Finwizard Hiring Approach 

Finwizard has over 15 years of experience in placing the most qualified people in brokerages from entry-level to executive positions. The company uses its unique approach by partnering with top brokers and connecting candidates with opportunities that will put their skills to work in exciting ways. 

The HR consulting service maintains an extensive database of candidates for all departments and executive positions and is ready to provide consulting services to the human resources of any online brokerage. 

Finwizard delivers:

 

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].

*The Finwizard service is provided with a 50% discount for any fees incurred during the successful first hire for broker members who are in good standing with the Commission per the Commission’s Rules and Guidelines.