The Financial Commission today announced that a new member has joined its ranks, (TraderGlobal), as the neutral mediator takes a different approach to dispute resolution and client-broker trust relationships. The Commission’s admitted purpose is to “serve the online trading industry independent of any broker and regulatory organization.”
The organization’s list of members now stands at eight: AForex, Alpari, FXFair, FXOpen, LionFX, RoboForex, MTrading and most recently, TraderGlobal. Since September of last year, the Committee has added 3 new members.
As part of its unique service to the trading community, the Financial Commission provides its end-customers with a “neutral 3rd party mediator to help resolve complaints in cases of disputes where customers are unable to come to an agreement with their broker.”
Dozens of FX industry professionals are responsible with the task of providing a dispute resolution for clients complaining about their brokerages. Names include Ilan Azbel, CEO at AutoChartist, Francesc Riverola, CEO at FX Street and Ilya Sorokin, CEO at ACT Forex.
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Coming in From the Cold
The Commission’s newest member is TraderGlobal, a brokerage operating out of Saint-Vincent and Grenadines. According to the company’s website, the firm offers more than 50 currency pairs to traders and accounts denominated in multiple currencies in addition to copy trading and social trading features.
As an external dispute resolution (EDR) organization for consumers and traders who are unable to resolve disputes directly with their financial services provider, the Financial Commission only works with clients from brokerages who are its members. Effectively, the organization vets brokers via its own proprietary due diligence procedures and helps clients who have accounts with Member brokers to resolve disputes and complaints – all without regulatory involvement.
Peter Tatarnikov, Chairman of the Financial Commission said: “We today welcome TraderGlobal as our latest member and are happy to see more brokers joining as the value of what we do plays a key role for broker’s client relationships.” Meanwhile, TraderGlobal CEO, Alexey Mikhailov, was quoted as saying that becoming a member of the Financial Commission was an “integral part of complementing the company’s customer support and relationship management process.”
In August, the Financial Commission issued a report on its activity for the first half of 2014, outlining the most important events of its development and some details surrounding customer claims filed with the Commission. For the first six months of 2014, the organization received a total of 34 complaints which used the Commission’s Dispute Resolution Process, 20 complaints were resolved successfully, with 13 going in favour of brokers and 7 in favor of clients. With 2 cases still being reviewed, the remaining 12 were unresolved.