Financial Commission Expels EQMarkets and Takes Emergency Action to Help Clients
Effective March 7, 2016, EQMarkets was expelled from membership with the Financial Commission due to repeated violations and failures to adhere to membership rules and numerous opportunities given to EQ Markets to rectify its shortfalls.
Financial Commission, a leading external dispute resolution (EDR) organization, operated by FinaCom PLC, today announces that it has permanently expelled EQ Markets LTD (EQMarkets) from membership with the Financial Commission and that emergency action will be taken to help protect two EQMarkets’ clients affected.
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.
EQ Markets Permanently Expelled
Financial Commission’s Dispute Resolution Committee (DRC) heard cases brought forward by two EQMarkets’ clients who subsequently won monetary awards for those two complaints against EQMarkets. Yet the broker failed to uphold the DRC’s ruling and reimburse those customers.
|Effective March 7, 2016, EQMarkets was expelled from membership with the Financial Commission due to repeated violations and failures to adhere to membership rules and numerous opportunities given to EQ Markets to rectify its shortfalls.|
Compensation Fund To Help Reimburse Two Clients Affected by EQ Markets
Total amount awarded to the two affected EQ Markets’ clients exceeds $18,000. Because EQ Markets failed to pay these amounts, the Financial Commission will utilise the Compensation Fund to make payments to these clients.
Because EQ Markets was a Category B member with the Financial Commission, the aforementioned clients are entitled upto to a maximum of five thousand dollars each in compensation towards their unpaid awards. Accordingly, one EQ Markets client will receive the full $5,000 as their claim was for more than triple that amount, while the other affected client will be fully covered for its claim in the amount $2,082.
As Financial Commission is an industry supported self-regulatory organization (SRO) our enforcement of member compliance is reflected entirely within our membership standings where a firm’s integrity and adherence to rules must be strictly upheld in order for membership to be maintained.
Financial Commission is committed to assisting new and existing firms to comply with their membership obligations. Yet the Financial Commission will not tolerate when members fail to uphold their obligations.