The Financial Commission (FinaCom) announced today that it has added Fiber Markets to its membership list, which is made up of online brokerage firms operating in the forex, derivatives and cryptocurrency markets.
The FX retail brand joins the ranks of the self-regulatory body to give its traders additional assurance that they are being offered high-quality services that meet commission standards.
Following the acceptance of their application, Fiber Markets was granted Category A member status, meaning that its traders may be eligible for compensation of up to € 20,000 per claim submitted.
All the clients of the 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 body supported by the Dispute Resolution Committee (DRC), itself made up of recognized professionals in the sector. 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 brokerage firms and their clients with an impartial third-party mediation platform that helps resolve complaints in cases where the parties are unable to reach a settlement on the disputes directly. For approved members and their clients participating in the CFDs, forex (forex) and cryptocurrency markets, the Finance Commission helps facilitate a simpler and faster resolution process than through typical regulatory channels such as arbitrage. or local judicial systems, ”the commission explains.
Self-regulation has made progress in some of its main business drivers, according to its latest annual report. Specifically, the Financial Commission received a record 1340 complaints in fiscal 2020, and the amount it recovered for broker member clients more than doubled from the previous year.
In addition, the number of new complaints increased 32% year-over-year, to a record $ 10.9 million sought by traders in 2020, from $ 7.4 million in 2019.
Likewise, the number of resolved complaints “in favor of customers” increased by 31% compared to the previous year. Of all complaints resolved, 52% were resolved “in favor of the broker” and 18% resolved “in favor of the client”, while 30% of the cases assessed by the commission were found to be outside its jurisdiction.
Samtrade Academy was the latest addition to the Financial Commission’s list of Certified Training Providers.
In 2018, the Financial Commission began accepting applications from education providers who wish to have their products reviewed by the organization, as part of the Education Provider Certification Service.