The Financial Commission, a third-party dispute and resolution entity specializing in Forex, has released its semi annual report, highlighted by a growing list of members, arbitrations and expansionary initiatives, according to a Financial Commission statement.
The Financial Commission operates as a neutral party between FX brokers and traders in the industry, providing an effective outlet for conflict or complaint mitigation. The Commission also grants several latent benefits for both brokers and traders, headed by a robust list of the industries most experienced individuals and experts. Overall, a trifecta of pillars – education, transparency and swiftness – characterizes the organization as an unbiased mediator, capable of providing a host of services and a channel for all FX personnel.
Mutual Benefit for Both FX Brokers and Traders
The Commission can be seen as a positive force for both brokers and traders in the FX industry. On the broker side, the organization has sought to curb the number of complaints through the use of ongoing and extensive education – often a paramount tool aiding conflict mediation. Furthermore, brokers benefit from resolutions in this realm, notably given the alternative, which is often negative reviews and rancorous attitudes via disgruntled or unsettled traders.
Conversely, the Financial Commission provides a neutral domain for forex traders holding grievances against brokers – this interest-free platform is the ideal way to address any manner of complaint in an official and concise manner. Moreover, the Commission is instrumental in addressing, answering, or ultimately informing traders about issues or potential resentments towards brokers, focusing on a personal sort of treatment infrequently gained through other more extant regulatory bodies.
Composition of Membership
Presently, the Financial Commission boasts a diverse array of brokers and Fx industry mainstays, invariably designed to act in the most broad and unbiased courses of action. Broker members include Aforex, Alpari, FXOpen, FXFair, Lionstone Investment, MFX Broker and RoboForex. However, bolstering this cluster of Fx brokers is the primary settlement engine in the Commission, the Dispute Resolution Committee (DRC) – a cohesive body composed of ten leading figures in the Fx industry.
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A Benchmark for Success
After less than a year in existence, the Financial Commission has made substantial strides to serve the FX industry and fortify its own membership. According to the semi-annual report, members of the DRC solved over twenty separate disputes with fifteen ultimately being settled in favor of brokers. As a testament to the growing influence of the Commission around the industry, half of these disputes were derived from clients of non-members. This hallmark has become a prime initiative for the Commission in 2014 as it increases its exposure in the industry and establishes itself as a growing force for broker-trader arbitration.
Lastly, the Commission hopes to bolster its committee and perspective with the inclusion of more members among its panel, whilst expanding its geographic focus – presently the Financial Commission has moderated disputes in Eastern Europe, Russia, China, Southeast Asia and the Middle East.
Finance Commission plans for 2014
1. Publication of educational articles on the Financial Commission web site on the most frequent issues causing customer complaints against brokers.
2. Organization of educational webinars for the customers of the Financial Commission members and explaining the goals and key principles of the Financial Commission.
3. Expanding the coverage of customer complaints by including complaints related to a new financial instrument – BITCOIN.
4. Tracking the new rules and regulations adopted by the financial market regulators, providing comments by the means of social network.