Financial Commission extends EDR services to Axiory Mauritius
The Financial Commission, a dispute resolution service that caters to the financial services industry, has extended its coverage to the Mauritius business of Axiory Global.
Since November 2016, Axiory Global has been an approved broker member with the independent self-regulatory compliance specialist. Upon its own request, Financial Commission extends its external dispute resolution (EDR) and membership services to its Mauritius entity.
Axiory Global Ltd. is a privately held company, established in 2012, with its head office in Belize City, and its core business being the provision of online brokerage services for private and corporate traders with Forex and CFD leveraged products. Axiory also offers strategies via the MyAxiory client portal and copy trading services.
Following the acceptance of its application by FinaCom, traders of Axiory’s Mauritius subsidiary can be eligible for compensation of up to €20,000 per submitted claim and have access to all dispute resolution services offered by the commission.
The Financial Commission exists as an industry-focused dispute resolution service, with its Dispute Resolution Committee (DRC) acting as its paramount regulatory body. The DRC is staffed by executives from leading companies in the financial services industry with the aim of resolving trader-broker conflicts.
Financial related complaints jumped 40%
The Financial Commission also issues execution certifications for approved brokers as the industry-specific association attempts to reduce the number of execution-related disputes that occur before they progress into formal complaints. To maintain their certified status, certified brands are required to continuously submit their order execution data to the VMT analysis tool, which maps the execution price to the boxplot for that time of day to assess the effectiveness and quality of the broker’s execution.
Due to the price verification capabilities, brokers who implement the service would be able to settle price disputes internally, by inducing evidence on asset prices at any given time, from an impartial party. And in case the client claims that he is consistently getting poor execution, the analysis results will facilitate handling execution-related trade disputes.
According to its latest annual report, Financial Commission made progress across some of its key business drivers. Specifically, the number of new complaints increased 10 percent year-over-year as compensation sought from broker members rose 57 percent to $2.4 million.
Likewise, Financial-related complaints increased by 40 percent, which indicates a significant rise in disputes related to funds withdrawal. At the same time, complaints listed in the most valuable category ($10K+) jumped 70 percent in 1Q 2022.
Elsewhere, the Commission remained steadfast in improving its core business in 2022 with the launch of additional services for broker members.