Financial Commission Adds FX Broker Fiber Markets to Membership Roster
The Financial Commission (FinaCom) today announced that it has added Fiber Markets to its member roster, which is made up of online brokerages operating in FX, derivatives and cryptocurrency markets.
The retail FX brand is joining the ranks of the self-regulatory body to give their traders further assurance that they are offered services of high quality that comply with the standards of the commission.
Following the acceptance of their application, Fiber Markets has obtained A-category membership status which means that its traders can be eligible for compensation of up to €20,000 per submitted claim.
All clients of members of the Financial Commission are protected by the Compensation Fund which acts as an insurance policy. Fiber Markets clients also have access to all dispute resolution services offered by the commission.
The Financial Commission is an external dispute resolution organization supported by the Dispute Resolution Committee (DRC), which in turn is composed of recognized industry professionals. The Commission’s EDR program operates as an independent service that helps facilitate a simpler resolution process than through typical regulatory channels such as arbitration or local court systems.
“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,” the commission further explains.
According to its latest annual report, the self-regulator made progress across some of its key business drivers. Specifically, the Financial Commission received a record of 1340 complaints in the fiscal year of 2020, and the amount it recovered for broker member customers more than doubled from a year earlier.
Furthermore, the number of new complaints rose 32% year-over-year as a record $10.9 million sought by traders in 2020, which is up from $7.4 million in 2019.
Likewise, the number of resolved complaints in ‘clients favor’ increased 31% from the previous year. Of all resolved complaints, 52% were resolved ‘in favor of the broker‘ and 18% resolved ‘in favor of the client’, while 30% of cases the commission assessed were found to be out of its jurisdiction.
Samtrade Academy was the latest addition to the Financial Commission’s roster of certified educational providers.
In 2018, the Financial Commission has begun accepting applications from education providers that wish to have their products examined by the organization, as part of the education provider certification service.